It could be extremely troublesome, if there is an emergent need to use credit, debit card after 31st December 2018 as magnetic stripe-based will get invalid from 1st January 2019.
1. Debit and credit card will not be valid from Jan 1st:
This can be extremely troublesome if credit, debit cards need to be used after December 31, 2018, because magnetic stripe-based will be invalid from 1 January 2019. At the beginning of this year, the Reserve Bank of India (RBI) had ordered that all the magnetic stripe credits would be invalid after December 31, 2018, in order to reduce fraud prospects.
After 1 January 2019, only EMV chip and PIN-based credits and debit cards will be operational because these types of cards are relatively more secure than magnetic stripe-based cards. On EMV (Europay MasterCard Visa) chip card, a pin is required on POS (point of sale), while magnetic stripe-based cards do not demand a pin.
2. Next year to buy a car? Prices are likely to grow from January
New Year has arrived, buying a car of your dreams can soon become an expensive affair. The country’s leading car makers are planning to increase the car prices by January next year. Toyota Kirloskar Motor, an SUV maker such as Innova and Fortuner, has said that it has been raising prices of its models by up to 3% since January to eliminate the impact of rising input costs.
According to a report by The Economic Times, Maruti Suzuki and Hyundai Motor India Ltd have said that they have not yet planned to increase the prices. On the other hand, Mahindra and Mahindra can increase prices by 7,000-30,000 depending on different models.
Meanwhile, auto dealers are offering 25,000 rupees and 8.85 lakhs discounts and other offers on some vehicles. The benefits include cash discount and exchange bonuses on select models including market leader Maruti Suzuki to luxury car maker Audi and everything in between.
3.Bank customer warnings! If you fail to do so, checks will not be cleared from Jan 1st
Here’s the bad news for you. Your check will not clear your bank from January 1, 2019. Most banks including SBI and PNB have informed their customers about this move.
For instance, State Bank of India has issued a notice on its website, which states, “According to the instructions of the RBI, the periodicity of processing non-CTS checks in CTS clearing will be done once in the ‘one month once’ from 01.09.2018. has occurred. That is, the second Wednesday of the month No such inquiry will be accepted in CTS clearing after 31.12.2018. Please contact your home branch for replacement with CTS-2010 standard check. ”
“Those who fail to convert their old checks from December 31, 2018, will not be able to get their checks because the separately for clearing the non-CTS check clearing the bank by December 31, 2018, is mandatory by the RBI Will be closed by the form “.
Therefore, if you have not been able to replace your old checkbook with the CTS-2010 standard checkbook, then hurry it. And you should do it up to December 31, 2018, if you do not want your check bounced from next month.
4. Check to see if your SBI Net Banking is still active:
With effect from December 1, 2018, SBI has blocked the internet banking services of customers whose mobile numbers are not registered with them. The bank asked its customers to register their mobile number with the bank branch on ‘Online SBI’ website so that they can be prevented from interruption of their net banking services. If you are unable to use your net banking services, you should visit your nearest branch of a branch or any nearest branch of SBI to get your mobile number registered with your bank account.
5. Thanks for reimbursement from the SBI Big App:
SBI has discontinued its mobile wallet app, SBI, on 30th November 2018. The mobile wallet app has offered services like bill payment, recharge, and money transfer. If you were one of the users of the app and your money is still lying in the wallet, then you can contact your nearest SBI branch to apply for reimbursement of money according to SBI customer service.
6. To avoid high penalties, before the December 31, the Bellet Income Tax Return (ITR):
If you are one of those taxpayers who have missed out on the last date of Income Tax Return (ITR), then you have to file your BELD ITR on or before December 31, 2018. This is because, according to the new Income Tax Act (Section 234F), a late filing fee will be levied on taxpayers who submit their returns that post after the expiry of this deadline.
According to the current law, fees of Rs 5,000 will have to be paid if the ITR is filed after the expiry of the deadline or on or before December 31, 2018. However, if ITR is filed between January 1, 2019, and March 31, 2019, then Rs 10,000 will be paid as a late filing fee.
Therefore, in order to avoid paying more penalty on your BALD ITR, you have to register it on or before December 31, 2018. Remember, for those taxpayers whose income is not more than 5 lakh rupees, the maximum penalty will be Rs. 1,000.