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Rules that came into effect from 1st Jan,2020 (ATM cards, NEFT and many more)

NEFT :- As per the instructions of RBI NEFT was made a 24x7 process with effect from Dec 16 and now from 1st Jan banks have been instructed to waive off online NEFT charges for saving account holders. NEFT transfers made via branched will be chargeable as usual
Rupay cards & UPI :- Starting 2020 MDR or Merchent discount rate charges will no longer be applicable to transactions made through UPI or Rupay. All companies with turnover of INR50 crores or more will be mandated to facilitate payments through RuPay Debit Cards and UPI.
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SBI ATM Cards :- SBI atm card holders will now require OTP for withdrawing amount above INR10,000.00 from an SBI ATM machine between the hours of 8PM-8AM. No OTP will be required if you are withdrawing from a non SBI ATM.
Income tax return (ITR) filing:- A penalty of INR10,000.00 will be imposed on anyone who had missed the Aug 31 deadline of filling ITR and is will to do so by the end of this financial year.
PAN card:- Department has extended the deadline of linking your PAN card to aadhaar card from 31 Dec,2019 to 31 March,2020
Debit & ATM Cards:- Debit & ATM cards with magnetic strip will cease to work starting Jan 1 ,2020. Earlier RBI had issued guideline to all the banks to replace such old debit cards with new EMV-based cards free of cost.
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