From January 1, check payment rules will change. Fastag will be mandatory for four wheelers from January 1, 2021.
Many changes are going to happen as the new year begins. These changes will affect your life as well. From January 1, many rules will be changed, including banking rules and landline to mobile phone calling. Here are the major changes that will take place from January 1, 2021.
The rules for payment by check will change
From January 1, the rules for payment by check will change. When the new rules come into force, a positive pay system will be implemented for checks over Rs 50,000. Under this, the information required for checks over Rs 50,000 will be re-verified. These new rules are designed to make check payments safer and prevent bank fraud.
Easy life insurance facility will be available
The insurance regulator IRDA has directed all life insurance companies to sell a standard individual term life insurance policy from January 1. The name of this product will be Easy Life Insurance. The maximum sum assured of a standard individual term life insurance policy will be Rs 25 lakh. Simple Life Insurance is a Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan. If the policyholder dies during the policy term, the product will pay a sum assured to the nominee.
Decision to impose 30% cap on UPI payment service from January 1
Recently, the National Payments Corporation of India (NPCI) has decided to levy 30% cap on UPI Fement Service, operated by third party application providers, on January 1, 2021. After the implementation of this rule, third party application providers like Google Pay, Amazon Pay, PhonePay will affect the customers. NPCI has taken this decision to prevent the monopoly of any third party apps in the future and to prevent them from getting special benefits depending on the size.
Fastag will be mandatory
The Central Government has made Festag mandatory for four wheelers from January 1, 2021. This will apply to older vehicles as well as M and N category motor vehicles, which went on sale before December 1, 2017. The advantage of this is that by installing fastags in vehicles you will be able to cross the toll easily without waiting.
Mutual fund investment rules will change
Mutual fund investment rules will change from 1 January 2021. Market regulator SEBI has made some changes in the rules of mutual funds in the interest of investors. Under the new rules, it will now be necessary to invest 75% of the funds in equities, which is currently at least 65%.
To make a call from landline to mobile, you have to put zero
From January 1, 2021, to make a call on a mobile phone from a landline across the country, the number will have to be zero next to it. This will motivate telecom companies to create more numbers.
Only 4 GSTR-3B return forms have to be filled throughout the year
From January 1, 2021, executives will have to fill only 4 GSTR-3B return forms for the year. Currently 12 forms have to be filled. To simplify the GST return filing process, the government has introduced the Quarterly Filing of Returns with Monthly Payment (QRMP) scheme. Businessmen with a total annual turnover of Rs 5 crore will get the benefit of this scheme. With the implementation of quarterly return filing scheme, from January, small traders will have to file only 8 returns (4 GSTR-3B and 4 GSTR-1 returns) in a financial year, whereas at present they have to file 16 returns.
Contactless card will increase the payment limit
To promote digital payments, the central bank has decided to increase the limit for contactless card payments to Rs 5,000 from January 1. At present, there is a limit of Rs 2,000 for payment with a contactless card.
Buying a car can be expensive
From January 1, 2021, buying a car will become more expensive. Automobile companies have decided to increase the price of many of their models from January 2021. After Mahindra, Renault and MG Motors have announced price hikes for the car from January.
The price of a gas cylinder will change
The country's state-owned oil companies set the price of LPG cylinders on the first of every month. Costs can go up and relief can come. Therefore, the price of gas cylinders may also change from January 1.
THERE WILL BE 10 MAJOR CHANGES, INCLUDING BANKING AND INSURANCE RULES, FROM JANUARY 1, FIND OUT WHAT WILL AFFECT YOU
