Key Financial Changes Effective February 1, 2024

Key Financial Changes Effective February 1, 2024

As of February 1, 2024, a series of new regulations is set to take effect, initiated by in by various regulatory bodies. These changes are poised to have a significant impact on investors and account holders. Let's delve into some of these key modifications that will be immediately implemented:

National Pension System (NPS) Partial Withdrawal Rules:

The Pension Fund Regulatory and Development Authority (PFRDA) has introduced fresh guidelines for partial withdrawals under the National Pension System (NPS). As per the new circular, subscribers are now permitted to withdraw up to 25% of their contributions from their pension accounts, excluding the employer’s contribution. However, these partial withdrawals are subject to specific conditions. The withdrawal amount must not exceed one-fourth of the total contributions made by the subscriber, and the PFRDA has specified that withdrawals can only be made to purchase or construct a first house. These rules are effective as of February 1, 2024.

Immediate Payment Service (IMPS) Money Transfer Rule:

Commencing February 1, 2024, customers can now transfer up to Rs 5 lakh between bank accounts without the hassle of adding beneficiary details through the Immediate Payment Service (IMPS) facility. The National Payments Corporation of India (NPCI) mandated compliance with this norm through a circular dated October 31, 2023. This signifies a notable shift, allowing users to make substantial transfers using IMPS without the need for recipient details such as mobile numbers, bank account names, account numbers, or Indian Financial System Code (IFSC) codes.

Sovereign Gold Bond (SGB) 2023-24 Series 4 Issue:

The Reserve Bank of India (RBI) is set to open the subscription window for the final tranche of Sovereign Gold Bonds (SGBs) in the 2023-24 series in February 2024. The subscription period will run from February 12, 2024, to February 16, 2024. In the previous series, which opened on December 18, 2023, and closed on December 22, 2023, the issue price was set at Rs 6,199 per gram of gold.

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BY: Admin Tax4wealth

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