Changing the rules from March will have an economic impact.
Many new rules will come into effect from the first of March, which is also the last month of the current financial year, which will affect almost all users. Those who are planning to go on a road trip will also have to get their Know Your Customer (KYC) done by tomorrow (February 29), otherwise their Fastag will become inactive. The National Highways Authority of India (NHAI) had issued a notification regarding its decision, which aims to ensure that only one FASTag is affixed on a vehicle.
Here is the list of changes that will come into effect from March 2024:
Changes in GST rules: From March 1, businesses with turnover above Rs 5 crore will not be able to generate e-way bills without including e-invoice details for all B2B transactions. Under the Goods and Services Tax regime, inter-state transportation of goods worth more than Rs 50,000 requires an e-way bill.
Bank holiday: Public and private sector banks will remain closed for 12 days in the month of March. These also include weekly holidays of Saturday and Sunday. According to rbi calendarBanks will remain closed on the second and fourth Saturdays of March 11 and 25. Apart from this, 5th, 12th, 19th and 26th March will be Sunday.
Fastag is to be deactivated: NHAI has asked its users to compulsorily complete Know Your Customer (KYC) for their FASTags by February 29. If this is not done, these electronic documents will become invalid from March 1. Here is a step-by-step guide to help FASTag users.
Changes for SBI Credit Card users: According to State Bank of India website, it is making changes to the minimum day bill calculation process for its credit cards starting in March. This change will come into effect from March 15 and the bank has informed all its customers through e-mail.
Paytm Restrictions: This is one of the important developments that will come into effect after March 15. The Reserve Bank of India (RBI) had directed Paytm Payments Bank to stop on-boarding new customers from February 29, but the deadline was extended till March 15. Paytm is one of the largest payment platforms and the move generated a lot of buzz.
