Reportedly the 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. Perhaps from january 1, all old debit and ATM cards with a magnetic stripe will cease to work. Meanwhile this can be replaced with a new EMV chip debit card from the bank free of cost. Accordingly to guidelines issued by the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI), all banks have been asked to convert old debit cards into the new EMV-based cards.

Apparently sbi said in a facebook post "You need to get a new ATM card if your card is a magstripe card, as it will get blocked due to bank OF INDIA' target='_blank' title='rbi-Latest Updates, Photos, Videos are a click away, CLICK NOW'>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". Furthermore 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.

Moreover with effect from january 1, sbi has introduced OTP-based ATM withdrawal for transactions above Rs 10,000 between 8 pm to 8 am. Perhaps, if you are withdrawing cash from a non-SBI ATM then OTP will not be required and 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. Apparently in another important change, the NEFT charges for online funds transfers have been waived.