New Delhi: Many rules will be changed from 1 January 2021 (Rules changing from January 1), which will directly affect the common man. There is going to be a change in rules from check payment to fastag, UPI payment system and GST return. So before 1st date, you should know about all these changes, so that you do not have to suffer loss. This list includes 10 changes –
1. Check Payment System
From January 1, 2021, the rules related to check payments will change. Under Positive Pay System, some important information will have to be confirmed again on payment of Rs 50,000 or more through check payment. However, it will depend on the account holder whether he avails this facility or not. The person issuing the check can provide this information through electronic means such as SMS, mobile app, Internet banking or ATM.
2. Contactless card transaction
The Reserve Bank of India (RBI) has increased the limit of contactless card payments from Rs 2,000 to Rs 5,000. It will be effective from 1 January 2021. PIN will not be entered for payments up to Rs 5,000 by debit and credit card.
3. Cars will become expensive.
Automobile companies are going to increase the price of many of their models from January 2021, after which buying cars will be more expensive than before. So far, Maruti, Renault and MG Motor have announced a hike after Mahindra.
4. Fastag will be mandatory
Union Minister Nitin Gadkari has made it mandatory to install FASTag on all four wheelers from 1 January 2021. Drivers who cross the national highway toll without fastag will have to pay double the charge. At present, 80 percent of the lines are being used to fastag and 20 percent of the lines are being used in cash. SBI: You can buy property at concessional rates by joining SBI’s e-auction, apply till December 30
5. To make a call from landline to mobile, you have to
apply zero. If you place a phone on any mobile number from the landline after January 1, then you will have to use 0. Without calling zero, your call will not be used.
6. Change rules for mutual fund investment
SEBI has changed the rules for asset allocation for multicap mutual funds. According to the new rules, 75 per cent of the funds will now be required to invest in equity, which is currently a minimum of 65 per cent. According to the new rules of SEBI, the structure of multi-cap funds will change. Funds will be required to invest 25-25 per cent in midcap and smallcap. At the same time, 25 percent will have to be applied in large cap.
7. Changes in UPI payment: From
1 January 2021, payment through UPI will become expensive. Has announced to impose an extra charge on the applications run by the third party. This decision has been taken by the National Payment Corporation of India (NPCI).
8. The rules of GST returns will change
Small businessmen of the country will get simple, quarterly Goods and Services Tax (GST) return filing facility. Under the new rule, traders whose turnover is less than Rs 5 crore, they will not have to file returns every month. After the new rule comes into effect, taxpayers only have to file 8 returns. Of these, 4 GSTR 3B and 4 GSTR 1 returns have to be filled.
9. Simple life insurance policy will be launched
after January 1, you will be able to buy insurance at a lower premium. IRDAI has asked all companies to launch simple life insurance. Please tell that after presenting a standard regular health insurance plan called Arogya Sanjeevani, you have been directed to introduce a standard term life insurance.
10. In some phones, WhatsApp may stop working
Let us know that WhatsApp can stop working on some Android and iOS phones after the upcoming 1st date. The company told that WhatsApp will stop working on the software that has become outdated.
