The new FASTag rules mandate that the KYC process must be completed by October 31 for all FASTags issued between three and five years ago. Companies providing FASTag services must ensure that KYC is updated for these FASTags within this period.
The updated FASTag rules will take effect on Thursday (August 1), focusing on improving toll payment processes and easing congestion at toll booths. The National Payments Corporation of India (NPCI) has issued new guidelines, including mandatory Know Your Customer (KYC) requirements.
The new FASTag rules mandate that the KYC process must be completed by October 31 for all FASTags issued between three and five years ago. Companies providing FASTag services must ensure that KYC is updated for these FASTags within this period.
Key updates under the new FASTag rules effective August 1 are as follows:
1. Replacement of 5-Year-Old FASTags: FASTags older than five years must be replaced.
2. KYC Update for 3-Year-Old FASTags: KYC must be updated for FASTags issued three years ago.
3. Linking Vehicle Details: Vehicle registration numbers and chassis numbers must be linked with the FASTag.
4. New Vehicle Registration Update: Update the registration number within 90 days of purchasing a new vehicle.
5. Database Verification: FASTag providers must verify their databases.
6. Photo Upload Requirement: Upload clear photos of the car's front and side.
7. Mobile Number Linking: FASTag must be linked to a mobile number.
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Starting August 1, companies must adhere to NPCI mandates, which involve updating KYC for FASTags that are three to five years old and replacing those older than five years by October 31. Vehicle owners are also required to complete their KYC by October 31, 2024.