Rule Changing From January 1, 2025: The beginning of the new year 2025 will bring a lot of new rules and regulations, which will directly affect your daily spending and financial planning. From LPG cylinder price changes to new rules for fixed deposits to Increased transaction limit of UPI, changes will be applicable from January 1, 2025. These rules come in compliance with changing market dynamics, regulatory targets, and consumer protection measures. Here’s a detailed look at the updates that could impact your wallet in the new year.
Prices of LPG cylinders
The state-owned oil companies monitor the review changes in LPG cylinder prices on the first day of every month based on global crude oil rates. With domestic LPG cylinder rates likely to go up after months of non-hike, this could be reflected in the number of domestic budget strains yet to come, with a 14.2 kg domestic LPG cylinder currently costing Rs 803 in Delhi.
Read More:CBDT Extends Belated ITR Deadline To January 15, 2025
Revised Fixed Deposit Rules
The FD rules of NBFCs will see significant changes with effect from 1 January. RBI has notified FD account holders of new provisions giving them the freedom to withdraw deposits before maturity. Another is to review the nomination process to simplify and strengthen it so that nominations can be easily secured by making them safe for depositors.
GST has been strictly implemented
The GST system is going to be more robust with the introduction of Multi-Factor Authentication (MFA) for taxpayers accessing the GST portal. The MFA, which was previously applicable only to businesses with annual turnover exceeding Rs 20 crore, will now be gradually extended to all taxpayers. The system will enhance security and prevent unauthorized access, thereby smoothing tax compliance.
Read More:What Is DigiYatra? Why IT Department Refuted Its Link With Tax Evasion Checks, Know All Details
Increased UPI 123P transaction limit
The RBI has doubled the transaction limit of UPI 123Pay, a simplified payment method for feature phone users. From January 1, 2025, the maximum transaction limit will be increased from Rs 5,000 to Rs 10,000. This shift is expected to encourage wider adoption of digital payments in rural and semi-urban areas.
Boost for farmers: Higher credit limits without guarantees
From January 1, 2025, farmers will benefit from a major overhaul. The RBI raised the unsecured loan limit for farmers from Rs 1.60 lakh to ₹2 lakh. The initiative seeks to provide a high level of financial support along with access to credit facilities for the agricultural fraternity.
The stock market expiration rules change
The Bombay Stock Exchange (BSE) and the National Stock Exchange have announced changes in the expiry dates for traders and investors. From January 1, 2025, indices like Sensex, Bankex, and Sensex 50 will expire on the last Tuesday of each month. Following global trading patterns, the Sensex weekly contract will also expire on Tuesday instead of Friday.
Read More:Relief For Taxpayers As Vivaad Se Vishwas Scheme Deadline Extended To January 31
Car prices are skyrocketing
Will you buy a car in 2025? Well, be prepared to shell out even more. Top auto majors Maruti Suzuki, Tata Motors, Hyundai, Mahindra, Honda, and Kia have increased the prices of their cars by 2-4%. Luxury brands like Mercedes-Benz, Audi and BMW will also increase their prices. Manufacturers point to rising raw material costs and a weak rupee as major reasons for the increase.
Read More:Festivals And Bank Holidays Calendar 2025: Complete List Of Indian Festivals And Public Holidays
What does this mean to you?
The new year will bring a mixed bag of updates that demand informed financial planning. Some, such as the increase in credit limits for farmers and the increase in UPI transaction limits, will provide much-needed relief. Others, such as rising LPG prices and the prospect of inflated cars, may weigh on household budgets. Keeping track of and adapting to change will be important in 2025 for people and businesses alike.
With these updates, the New Year promises to redefine the financial landscape and everyday spending, prompting calls for financial prudence.
