Rule Change: From March 1, 2025, new rules related to UPI, LPG, mutual funds and ATF will be implemented. These changes will have a direct impact on the pocket of the common man. Know which rules will change.
Rule Change: The first date of every month in the country comes with many new changes and rules. Some important rules are also being implemented from the first date of March 2025, which can affect the general public. These include new facilities related to UPI, possible changes in LPG and ATF prices, and changes in mutual fund nominee rules. Let's take a look at these changes.
A new feature called Insurance-ASB (Application Supported by Block Amount) is being added to the UPI system from March 1, 2025. This feature will be beneficial for life and health insurance policy holders, as they will be able to block the amount in advance for their premium payment. This amount will be deducted from their account only after the approval of the policy holder.
The Insurance Regulatory and Development Authority of India (IRDAI) issued a circular on February 18 directing all insurance companies to provide this new facility to their customers from March 1. The amount will be transferred from the policyholder's account to the insurance company only after the policy is issued. To avail this facility, the customer will have to select this option in the proposal form of his insurance company.
There is a possibility of change in the prices of LPG cylinders on the first of every month. The prices of domestic and commercial gas cylinders can also be revised on March 1. On February 1, 2025, the price of 19 kg commercial gas cylinder was reduced by Rs 7, while there was no change in the price of 14 kg domestic cylinder. This time there is a possibility of both increase or reduction in prices.
The prices of Air Turbine Fuel (ATF) i.e. aviation fuel are also revised on the first of every month. On February 1, 2025, the price of ATF was increased by 5.6%, due to which it increased by Rs 5,078.25 per kilolitre to Rs 95,533.72 per kilolitre. Air travel may become expensive due to increase in ATF prices.
The rules related to nomination of mutual funds and demat accounts are being changed from March 1, 2025. Under the new rules, any investor can add a maximum of 10 nominees to his demat or mutual fund folio. Under the new rules, nominees can be seen as joint holders or different nominees can be selected for different single accounts/folios. The new guidelines of the Securities and Exchange Board of India (SEBI) will come into effect from March 1, 2025. This will give more flexibility to investors and their assets can be managed better.
These new rules, which will come into effect from the first date of March 2025, are important for the general public. The insurance-ASB facility in UPI will make it easier to pay insurance premium, while possible changes in LPG and ATF prices may affect household budget and air travel. At the same time, the new rules for adding nominees in mutual funds and demat accounts will be more convenient for investors. It is important to be aware of these changes so that we can manage our financial decisions correctly.
Disclaimer: NC does not give any suggestion for any purchase or sale related to the stock market. We publish market related analysis quoting market experts and brokerage companies. But take market related decisions only after consulting certified experts.
PC:Prabhat Khabar
