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Major Rule Changes Effective From January 1, 2025: Also Impact on Your Finances

January

As the New Year 2025 begins, several significant financial and regulatory changes come into effect from January 1, impacting various aspects of daily life, including LPG prices, banking rules, UPI payments, and more.

Here's a detailed breakdown of the key changes:

1. LPG Price Revision : As with every month, oil marketing companies have revised the prices of LPG cylinders effective January 1. While commercial 19-kg LPG cylinder prices have seen fluctuations in recent months, domestic 14-kg LPG cylinder prices have remained stable. Consumers are hoping for some relief or changes in this new revision.

2. Air Turbine Fuel (ATF) : Prices Oil companies have also revised the prices of Air Turbine Fuel (ATF). Any changes will directly impact the cost of air travel, affecting passengers' expenses.

3. New EPFO Rules for Pensioners Pensioners now have the flexibility to withdraw their pension from any bank across India without needing additional verification. This major reform by the Employees’ Provident Fund Organisation (EPFO) comes into effect today, ensuring easier access to pension funds.

4. Increased UPI 123Pay Limit : The RBI has doubled the transaction limit for UPI 123Pay, a service that allows feature phone users to make payments without internet. The limit has been increased from ₹5,000 to ₹10,000, enhancing convenience for users.

5. Changes in Share Market Expiry Rules : The monthly expiry of indices like Sensex, Sensex-50, and Bankex has been shifted from Friday to Tuesday. Additionally, quarterly and semi-annual contract expiries will now occur on the last Tuesday of the period. Nifty 50 monthly contracts will continue to expire on Thursdays as per the NSE Index.

6. Increased Loan Limit for Farmers : The RBI has raised the collateral-free loan limit for farmers from ₹1.6 lakh to ₹2 lakh. This decision aims to provide more financial support to farmers and ease their credit access.

7. Closure of Certain Bank Accounts : The RBI is implementing new rules that will result in the closure of inactive accounts, dormant accounts, and zero-balance accounts starting January 1. This is part of the central bank’s effort to streamline account management across banks.

8. Increased Car Prices : Car prices are set to rise as several manufacturers, including Maruti Suzuki, Tata Motors, Hyundai, and Toyota, have announced a 2-4% price hike across their models. This increase is attributed to rising input costs.

9. New Telecom Rules : The government is introducing the Right of Way (RoW) rules for telecom companies. These rules simplify the process for laying optical fiber lines and installing mobile towers, allowing telecom companies to improve service quality more efficiently.

10. Stricter GST Compliance Rules : New GST compliance rules come into effect, introducing Multi-Factor Authentication (MFA) for all taxpayers accessing the GST portal. Previously applicable only to businesses with an annual turnover of ₹20 crore or more, this rule is now extended to all GST taxpayers.

Impact on Households and Businesses

These rule changes will affect various facets of life, from increased transportation costs to better digital payment accessibility.

While some changes, like the UPI and EPFO updates, bring convenience, others, such as rising car prices and stricter GST compliance, may add to financial burdens. As these regulations take effect, staying informed and prepared will help individuals and businesses navigate these changes efficiently.

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