Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

New financial transaction rules applicable from 2020 you should know about

Agencies
Updated: January 1st, 2020, 16:55 IST
in Business, Top Stories
0
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi: New Year 2020 will usher in several new rules for financial transactions cutting across debit cards, PAN cards, withdrawal of cash from ATMs and online transfers.

From January 1, all old debit and ATM cards with a magnetic stripe will cease to work.

Also Read

Ragi or millet

FCI steps up ragi procurement in Odisha with 2,442 metric tonnes

2 hours ago

Ex-Odisha CM Naveen Patnaik discharged from hospital

4 hours ago

This can be replaced with a new EMV chip debit card from the bank free of cost. According to guidelines issued by the Reserve Bank of India (RBI), all banks have been asked to convert old debit cards into the new EMV-based cards.

“You need to get a new ATM card if your card is a magstripe card, as it will get blocked due to RBI directives to discontinue the operation of magstripe cards. If your card is an EMV chip card, please get in touch with your branch and ascertain that,” State Bank of India said in a Facebook post.

EMV cards come with a small microchip that protects buyers against fraudulent transactions. It creates dynamic data every time you make a transaction which makes it impossible to clone the card.

There will be a major change in SBI ATM withdrawals in late hours. For a State Bank of India (SBI) ATM card, OTP (one-time password) will be required to withdraw cash from night to morning to prevent fraud.

With effect from January 1, SBI has introduced OTP-based ATM withdrawal for transactions above Rs 10,000 between 8.00pm to 8.00am. However, if a customer is withdrawing cash from a non-SBI ATM then OTP will not be required.

On income tax return (ITR) filing, if the August 31 deadline has been missed to file an income tax return (ITR), it can be done by the end of this financial year. However, for all belated ITRs filed from January 1, a penalty of Rs 10,000 will be imposed.

In another important change, the NEFT charges for online funds transfers have been waived.

The RBI has made NEFT online transfers a 24×7 system with effect from December 16. Beginning January 1, banks have been instructed to waive off online NEFT charges for savings bank account holders. Several banks had made NEFT free already earlier.

For RuPay, UPI charges, it has been mandated that merchant discount rate (MDR) charges will not be applicable on transactions through homegrown RuPay and UPI platforms from 2020. All companies with a turnover of Rs 50 crore or more will be mandated to provide the facility of payment through RuPay Debit card and UPI QR code to their customers.

Agencies

 

Tags: ATM cardsCreditDebitFinancial transactionsOTPReserve bank of indiaState Bank of India
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

D Rama Rao

December 12, 2019
#MyPaperBagChallenge

Manas Samanta

December 12, 2019
#MyPaperBagChallenge

Aishwarya Ranjan Mohanty

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar Ghibela

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Jhili Jena

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Surya Sidhant Rath

December 12, 2019
#MyPaperBagChallenge

Arya Ayushman

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019
#MyPaperBagChallenge

Tapaswini Mallick

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Faiza Firdous

December 12, 2019
#MyPaperBagChallenge

Narendra Kumar

December 12, 2019
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Sarmistha Nayak

December 12, 2019
#MyPaperBagChallenge

Saishree Satyarupa

December 12, 2019
#MyPaperBagChallenge

Pitabas Tripathy

December 12, 2019
#MyPaperBagChallenge

Nishikant Rout

December 12, 2019
#MyPaperBagChallenge

Swarit Praharaj

December 12, 2019
#MyPaperBagChallenge

Sarfraz Ahmad

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Akriti Negi

December 12, 2019
#MyPaperBagChallenge

Amritansh Mishra

December 12, 2019
#MyPaperBagChallenge

Ankita Balabantray

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Adweeti Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Anup Mahapatra

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019

Archives

Editorial

‘TACO’ Effect

August 20, 2025

It is interesting to note US President Donald Trump keeps changing his deadline for imposing new tariffs on goods from...

Read moreDetails

Plastic Threat

Plastic
August 19, 2025

More than 400 million tons of plastic are produced globally each year, half of which is for single-use items. Nearly...

Read moreDetails

Road To Peace?

Putin-Trump summit: India welcomes progress
August 18, 2025

US President Donald Trump and his Russian counterpart Vladimir Putin’s much-anticipated summit in Anchorage, Alaska, on 15 August was warm...

Read moreDetails

Freedom Under Siege

August 17, 2025

We celebrated Independence Day this month, the culmination of our freedom struggle. Independence and freedom from what? From alien rule...

Read moreDetails
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST