New Rules from January: On January 1, the year will change, with this, some other changes and rules will be implemented in the country. These rules will affect your money transactions, insurance, chatting, car shopping and even business. There are also some rules that will come into force from the month of January but will not be effective from January 1 itself. Let’s take a look at some such changes, which are being implemented from the first month of the new year…
Contactless card payment up to Rs 5000
Describing the decisions of the December meeting of the Monetary Policy Committee, RBI Governor Shaktikanta Das announced that it has been decided to increase the limit of contactless card transactions. Customers will now be able to transact up to 5000 rupees at a time instead of 2000 rupees. This increased limit will be applicable from 1 January 2021.
New rule related to check payment
RBI has decided to implement a positive pay system for making payments by check a few days ago. Under this new rule, necessary details will be required to be confirmed again on the payment of more than Rs 50,000 from the check. This new rule of payment by check will come into effect from 1 January 2021. However, it will depend on the account holder whether he avails this facility or not. Under a positive pay system, when a person issues a check, he will have to give full details to his bank. In this, the issuer of the check will have to give the date of the check electronically through SMS, Internet banking, ATM or mobile banking, name of the beneficiary, account number, total amount and other necessary information to the bank.
Cars, two-wheelers are getting expensive
The prices of cars are going to increase by 5 percent from January 2021 in the country. Maruti Suzuki India, Nissan, Renault India, Honda Cars, Mahindra & Mahindra, Ford India, Isuzu, BMW India, Audi India, Volkswagen car companies have announced that they will increase vehicle prices from January. The two-wheeler company Hero MotoCorp has also announced an increase in the prices of bike-scooters from 1 January.
Fastag mandatory for all vehicles
Fastag (FASTag) is going to be mandatory for all vehicles in the country from 1 January 2021. Fastag will also be mandatory for new vehicles from 1 January 2021 as well as vehicles sold before 1 December 2017. According to the Ministry of Road Transport and Highways, it has also been made mandatory that the renewal of the fitness certificate of a transport vehicle can be done only after the vehicle is fastened. Valid Fastag will also be mandatory, taking the new third party insurance.
Simple life insurance
Insurance regulator IRDAI has asked all insurance companies to launch ‘Saral Life Insurance’ from January 1 next year. This will be standard term insurance. This will help customers to make decisions based on the information already provided by the companies. IRDAI issued guidelines saying that all insurance companies starting a new business will be required to bring standard life insurance products from January 1 next year. People between 18 and 65 years will be able to buy simple life insurance and the policy will be from 5 lakh to 25 lakh rupees (in multiples of 50 thousand). Read this in detail… Simple Life Insurance: Up to 25 lakh policy in low premium, customers will be able to take from January 1; Know the terms and conditions
Changes in GST e-invoicing system
Under the Goods and Services Tax (GST) Act, e-invoicing will be required for turnover of more than Rs 100 crore for B2B (Business to Business) business transactions from 1 January 2021. On 1 April 2021, e-invoice on B2B transactions will be necessary for all taxpayers. This system will replace the physical invoice, will soon replace the existing e-way bill system and taxpayer will not have to generate e-way bill separately.
Relief to small traders
Small businessmen with annual turnover up to Rs 5 crore will have to file only four sales returns (GSTR-3B) from January next year. Currently, these traders have to file 12 returns on a monthly basis. Thus, from January next year, small businessmen will have to file four GSTR-3B and four GSTR-1 returns in a year. The quarterly return filing (QRMP) scheme along with the monthly tax payment scheme will affect about 94 lakh taxpayers.
UPI linked rules
NPCI has imposed a 30 per cent limit on the total volume of processed transactions in UPI applicable to all third-party app providers (TPAPs). This rule will come into force from 1 January 2021. The 30 per cent limit will be calculated based on the total volume of transactions processed in UPI during the last three months.
Whatsapp will not work in some phones
Beginning next year, WhatsApp support for some Android and iOS smartphones will end. This messaging app will not work on devices that do not have at least Android 4.0.3 operating system and iOS 9. For iPhone, the phone will need to be updated to at least iOS 9 and beyond and Android users to Android 4.0.3 or newer. This is necessary to continue using WhatsApp without interruption.
New rule of call from landline to mobile
From January 15 next year, the way of calling from landline to mobile in the country is going to change. From 15 January 2021, every call made from fixed phone to mobile will be required to put ‘0’ before the mobile number. There will be no change in dialing plan for making calls from landline to landline, mobile to landline and mobile to mobile.