The Reserve Bank of India had earlier directed that from January 1, 2023, all banks will have to follow certain norms regarding bank lockers and sign new contracts with locker-customers. The new rules were first announced by the RBI on August 8, 2021. The revised rules came into effect on January 1, 2022. Those who already have lockers must submit proof of eligibility and sign the agreement to renew their locker agreement. RBI has directed banks to enter into this agreement with all Safe Locker Deposit customers.
According to the RBI, all banks and financial institutions must comply with the IBA-drafted Model Locker Agreement. The deal is in accordance with recent RBI norms and Supreme Court orders. RBI has directed banks to bring safe deposit areas under CCTV camera surveillance. And at least 180 days to keep that footage. So that footage can be used when needed.
Banks have introduced changes to credit card reward points programs in the new year. The credit card customers were told that the reward points available for using the credit card must be spent by December 31. Because, from January 1, new rules will be introduced in this case.
Changes to GST e-invoices and electronic bills in the new year. The central government has reduced the upper limit of GST invoice from Rs 20 crore to Rs 5 crore per annum. That is, those traders who have an annual turnover of Rs 5 crore or more will need a GST invoice from now on. Today, the rule came into effect from the first day of the new year. This decision has been taken to increase the scope of GST invoices.