1 rule will change from January 2021 10 rule, find out how millions of people will be affected.
Many rules are going to change from January 1, 2021 which will have a direct impact on the common man. From check payment to Fastag, UPI payment system and many rules of GST return can be changed.
These rules will change from 1 January 2021
Such effects will be on your pocket
Find out what changes will affect you
These changes will come from January 1, 2021, know this will affect you.
Check payment system
The rule with the check payment system will change from January 1.
Depending on the positive payment system, some information will be re-confirmed for payment of Rs. 50,000 or more with the help of check. It is up to the account holder to decide whether they want to avail this facility or not. The person declaring the check will have to provide the information using SMS, mobile app, internet banking or ATM.
Contactless card payment
The Reserve Bank of India has increased the limit of contactless card payments from 2000 to 5000. This will be effective January 1, 2021. No need to enter PIN for debit and credit card payments up to Rs.5000.
The car will be expensive
Automobile companies have been raising the prices of many of their models since January 2021. Then buying a car will become more expensive than before. So far, after Maruti, Mahindra, Renault and MG Motors have also announced price hikes.
Fastag will be required
Union Minister Nitin Gadkari has made Fastag mandatory on every four wheeler from January 1, 2021. Drivers crossing any National Highway toll will have to pay double charge. Currently 80 per cent of the lines at each toll plaza are working in Fastag and 20 per cent in Cash.
To make a call from landline to mobile, you have to set zero
When you call any mobile from a landline phone from January 1, you will have to put zero in front of it. Apart from this you will not be able to make calls.
Mutual fund investment rules will change
SEBI has changed the rules of asset allocation for multicap mutual funds. According to the rules, 75 per cent of funds are now required to be invested in equities. Which is currently a minimum of 65 percent. The new rules will change the structure of multi-cap funds, with the fund investing 25-25 per cent in midcap and smallcap. 25 per cent will be invested in large cap.
UPI payments will change
From January 1, 2021, payment using UPI will become more expensive. Extra charges have been announced for apps run by third parties. The decision has been taken by the National Payment Corporation of India.
Rules for GST returns will change
Small employers in the country will get easy, quarterly Goods and Services Tax return filing facility. Under the new rule, executives with a turnover of less than Rs 5 crore will not be required to file a return every month. Taxpayers will only have to file 8 returns after the new rules come into force. It will have to file 4 GSTR 3B and 4 GSTR returns.
Easy life insurance policy will be launched
Insurance can be purchased at a lower premium after January 1. IRDAI has asked every company to launch simple life insurance. Health has ordered the introduction of a standard term life insurance after the introduction of a standard regular health insurance plan in the name of Sanjeev.
WhatsApp will be off in the phone
WhatsApp will be shut down on some of your Android and iOS phones from January 1, the company said, adding that WhatsApp will stop working on software that has become obsolete.