New Delhi: The deadlines for mutual fund nominations and belated income tax returns (ITR) are rapidly approaching. As the year comes to an end, it’s crucial to be mindful of these six financial tasks before December 31, 2023.
Deadline for MF And Demat Nominations
The mutual fund nomination deadline has been extended to December 31, 2023 by The Securities and Exchanges Board of India (Sebi). The deadline has been enabled for unitholders to opt for or out of nominations in their mutual fund (MF) units. (Also Read:A New Case Being Registered Against Chanda Kochhar: Check All About Former ICICI MD And Charges She Is Facing)
Unitholders can use specified forms through fund houses, registrars, or online platforms to submit their preferences. Non-compliance to comply may lead to freezing of folios, imposing restrictions on mutual fund transactions like redemptions, systematic withdrawal plans (SWP), switches, or systematic transfer plans (STPs). (Also Read:Business Success Story: From Garage To Glory, The Extraordinary Journey Of Sachin And Binny Bansal, Architects Of Flipkart’s Meteoric Rise)
Last Date To File Belated ITR
Those who were not able to file their income tax return (ITR) on July 31, 2023 can now submit belated ITRs until December 31, 2023, with associated penalties.
Revised Timeline For IPOs
Sebi seeks to enhance the efficiency of initial public offerings (IPOs) by reducing the duration between the closing of IPO closure and listing of shares. Starting December 1, 2023, Sebi will shorten the listing period from T+6 (transaction plus six days) to T+3 days, the advertisement regarding allotment.
Bank Locker Agreement Deadline
The Reserve Bank of India (RBI) has updated regulations demanding the execution of updated locker agreements by December 31, 2023. If you haven’t done so already, you may need to sign and submit the updated agreement.
The revised rules specify that only legitimate items can be stored in lockers, explicitly prohibiting illegal or hazardous substances. The new rules grants the bank authority to take ‘appropriate action’ against customers on suspicion of wrongdoing.
Inactivation Of UPI IDs
The National Payments Corporation of India (NPCI) has instructed the deactivation of dormant Unified Payment Interface (UPI) IDs unused for over a year, and this process is expected to be finalized by December 31, 2023. Payment apps like Google Pay, Paytm, PhonePe, and banks are required to deactivate UPI IDs and numbers inactive for more than a year.
This measure has been taken to secure the UPI ecosystem and prevent wrong transfer of funds. Users are advised to activate their UPI ID before this date to avoid cancellation of their dormant UPI IDs. The users will receive a notification through bank before deactivating the user’s UPI ID.
The validity date for special fixed deposits (FDs) has been extended by the ICICI Bank, dubbed as Utsav FDs, for tenures of 375 days and 444 days until December 31, 2023, as per information on the bank’s website.
The 37-day term deposit carries a 7.10% interest rate, with senior citizens receiving a 50 basis points (bps) premium. Similarly, the State Bank of India (SBI) has extended the deadline for its Amrit Kalash special FD until December 31, 2023, offering a 7.10% deposit rate and and 50 bps for senior citizens.