New regulations require the replacement of all five-year-old FASTags by the issuer and a re-KYC process every three years. This move aims to ensure updated information and streamline toll payments.
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A range of new rules and regulations will come into effect from August 1, impacting everything from FASTag usage to credit card transactions. Key changes include new FASTag requirements, revised HDFC credit card fees, and the opening of the Ola Electric and Ceigall India IPOs. The Common Admission Test (CAT) registration also begins on August 1.
The National Payments Corporation of India (NPCI) has announced new FASTag rules effective August 1, 2024. These rules mandate KYC updates for FASTags issued three to five years ago and the replacement of tags older than five years. Vehicle owners must also complete their KYC by October 31, 2024.
The National Highways Authority of India (NHAI) has implemented a new policy requiring vehicles without FASTag to pay double the toll at toll booths. This move aims to streamline toll collection and encourage wider adoption of the electronic system. Simultaneously, the government is gearing up for GPS-based tolling, which promises faster and more efficient toll collection in the future.