As April 2024 begins, a new financial year ushers in significant changes affecting various aspects of personal finance. From insurance policies going digital to streamlined EPFO transfers, revised drug pricing, and updated KYC requirements for FASTag and mutual funds, individuals need to stay informed about these updates. The digitization of insurance policies by the Insurance Regulatory and Development Authority of India (Irdai) now mandates electronic issuance across life, health, and general insurance sectors.
The Employees’ Provident Fund Organisation (EPFO) has simplified the process of transferring PF balances to new employers, eliminating manual requests from account holders. Revised drug pricing by the Department of Pharmaceuticals affects 65 formulations, including painkillers, antivirals, antibiotics, and diabetes medications, aligning with inflation in the National List of Essential Drugs (NLEM) prices. Additionally, non-compliant users may face disruptions in FASTag services, while mutual fund transactions now require updated KYC documentation.
The National Pension System (NPS) introduces two-factor authentication for enhanced security, and the new income tax regime becomes the default option, providing tax exemptions for incomes up to Rs 7 lakh per year. These changes underscore the importance of staying abreast of financial updates to make informed decisions in the new financial year.
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