The rules that will come into impact from January 1, 2025, will instantly affect your pockets. Therefore, put together prematurely and enhance your monetary planning.
With the beginning of the brand new 12 months, a number of major modifications associated to private finance and banking will come into impact. From January 1, 2025, a number of new rules will be carried out that will instantly affect your each day life and monetary planning. These modifications embody rules associated to LPG cylinder costs, pension, and UPI companies, amongst others. Let’s take an in depth have a look at these modifications.
Changes in LPG cylinder costs
At the start of each month, the federal government revises the costs of LPG cylinders. This time too, a worth change is anticipated on January 1, 2025. The worth of a 14-kg home cylinder has remained steady for a very long time, however industrial cylinder costs have seen fluctuations.
Hike in Car Prices
If you are planning to purchase a automobile, you could have to spend extra from January 1. Major auto firms like Maruti Suzuki, Hyundai, Mahindra, and BMW are set to extend automobile costs by as much as 3%.
e-KYC Made Mandatory for Ration Cards
The authorities has made e-KYC necessary for ration card holders. Ration playing cards that don’t full the e-KYC course of by December 31, 2024, will be canceled from January 1, 2025.
Improvement in Pension Withdrawal Rules
EPFO has made the rules simpler for pensioners. Now, they can withdraw their pension from any financial institution within the nation, and no extra verification will be required for this.
ATM Facility for EPFO Members
The authorities is planning to introduce an ATM card facility for workers registered beneath EPFO. This will permit staff to simply withdraw cash from their PF account.
Increase in UPI Limit for Feature Phone Users
Under the UPI 123Pay service, function cellphone customers will now have the ability to make funds as much as ₹10,000. Previously, this restrict was ₹5,000.
New Rules for Fixed Deposits
RBI has modified the rules associated to fastened deposits for NBFCs and HFCs. These rules will come into impact from January 1, 2025, and will make sure the safety of deposits.
Changes in U.S. Visa Rules
The U.S. Embassy in India will permit non-immigrant visa candidates to reschedule their appointments as soon as, beginning January 1, 2025. After that, a charge will be charged for rescheduling.
New Dates for Sensex and Banking Derivative Contracts
BSE has introduced that from January 1, 2025, weekly contracts for Sensex and Bankex will expire each Tuesday as an alternative of Friday.
Banks Closed for 15 Days in January
Banks will stay closed for a complete of 15 days in January. This contains Sundays, the second and fourth (*10*), and holidays for festivals. However, the official listing of holidays from RBI has not been launched but.
