Rule Changes from January 1: With the new year, many major changes related to personal finance and banking have come into effect. Many such rules have come into force from January 1, 2025, which will have a direct impact on your everyday life and financial planning. These include rules ranging from LPG cylinder prices to pension and UPI services. Let us know about some major changes in detail.
1. Change in LPG cylinder prices
At the beginning of every month, the government changes the prices of LPG cylinders. This time also the prices have been changed on January 1, 2025. Oil marketing companies have reduced the prices of commercial gas cylinders from Rs 14.50 to Rs 16. However, no change has been made in the price of domestic LPG cylinders.
Let us tell you that the price of 14 kg domestic cylinder remained stable for a long time, but fluctuations have been seen in the prices of commercial cylinders.
2. Increase in car prices
If you are thinking of buying a car, then from January 1, you may have to spend more. Major auto companies like Maruti Suzuki, Hyundai, Mahindra, and BMW are going to increase the prices of vehicles by up to 3%.
3. E-KYC required for ration card
The government has made e-KYC mandatory for ration card holders. Ration cards that do not complete the e-KYC process by 31 December 2024 will be canceled from January 1, 2025.
4. Improvement in pension withdrawal rules
EPFO has made the rules easier for pensioners. Now they can withdraw their pension from any bank in the country, and there will be no need for additional verification.
5. ATM facility for EPFO members
The government is planning to introduce an ATM card facility for employees registered under EPFO. With this, employees will be able to easily withdraw money from their PF account.
6. Increase in UPI limit for feature phone users
Under the UPI 123Pay service, feature phone users will now be able to pay up to Rs 10,000. Earlier this limit was Rs 5,000.
7. New rules for fixed deposits
RBI has changed the rules related to fixed deposits for NBFCs and HFCs. These rules will come into effect from January 1, 2025, and will ensure the safety of deposits.
8. Changes in US visa rules
The US Embassy in India will provide a one-time appointment rescheduling facility for non-immigrant visas from January 1, 2025. After this, a fee will be charged for rescheduling.
9. New dates for Sensex and banking derivative contracts
BSE has announced that from January 1, 2025, the weekly contracts of Sensex and Bankex will expire every Tuesday, which earlier used to expire on Friday.
10. Banks will remain closed for 15 days in January
Banks will remain closed for a total of 15 days in January. These include Sundays, second and fourth Saturdays as well as holidays on festivals. However, the official list of RBI holidays has not been released yet.
11. Loan limit increased for farmers
From January 1, farmers will now be able to get a loan of up to Rs 2 lakh without guarantee. The Reserve Bank had recently announced this change. Earlier the loan limit for farmers was Rs 1.60 lakh, which has now been increased to Rs 2 lakh.
12. Multi-factor authentication is mandatory on the GST portal
Multi-factor authentication (MFA) has been made mandatory for all taxpayers using the GST portal from January 1. This will improve the digital security of the portal. Businessmen have been instructed to update their mobile numbers and train their employees for the MFA process.
Keep in mind the new changes.
These rules implemented from January 1, 2025, will have a direct impact on your pocket. So prepare on time and improve your financial planning.
Disclaimer: This content has been sourced and edited from NDTV India. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
