New year, new rules: From January 1, the year will change, along with many new changes and rules will also be implemented. There are some rules that will be effective in January, but some from January 1 itself. Let us know such changes which are being implemented from the first day of the new year or the first month…
Two vaccine gifts can be available in the new year
The country will get the gift of vaccine in the new year. CDSCO has called a meeting on 1 January. In this meeting, the three vaccine companies will share their data about India Biotech ICMR’s Kovaxin, AstraZeneca and the University of Oxford’s shared vaccine Kovishield.
Fastag mandatory for all vehicles
From 1 January 2021, FASTag was going to be mandatory for all trains in the country, but now it has been changed to 15 February 2021. Fastag will also be mandatory for new vehicles 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. Fastag will also be compulsory, taking new third party insurance.
Contactless card payment up to Rs 5000
After the December meeting of the Monetary Policy Committee, RBI Governor Shaktikanta Das had said that it has been decided to increase the limit of contactless card transactions. Customers will now be able to make transactions up to Rs 5000 instead of Rs 2000 through this one. This increased limit will be applicable from 1 January 2021.
New rule related to check payment
RBI has approved the implementation of positive pay system for payment 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.
What are the rules of check payment
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 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 beneficiary, account number, total amount and other necessary information to the bank.
There will be a change in the rules of mutual fund investment
The rules of mutual fund investment are also changing from 1 January 2021. Keeping in mind the interests of investors, market regulator SEBI has made some changes in the rules of mutual funds. SEBI has changed the rules for asset allocation for multicap mutual funds. According to the new rules, now 75 percent of the funds will be required to invest in equity, which is currently a minimum of 65 percent. Funds will be required to invest 25-25% in midcap and smallcap. At the same time, 25 percent will have to be applied in large cap.
Changes in GST e-invoicing system
Under the Goods and Services Tax (GST) Act, e-invoices will be required for turnover of more than Rs 100 crore for B2B (Business to Business) business transactions from January 1. On 1 April 2021, e-invoice on B2B transactions will be necessary for all taxpayers. This system will replace physical invoice. Soon the current e-way bill system will also be removed and taxpayer will not have to generate e-way bill separately.
Rules related to UPI
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 also be applicable from tomorrow. The 30 per cent limit will be calculated based on the total volume of transactions processed in UPI during the last three months.
Gas cylinder prices will also change
The prices of LPG cylinders are decided by the state oil companies on the first of every month. During this time, the price can also be increased and the price relief can also be given. In such a situation, the price of LPG cylinder is set to change on 1 January 2021.
Simple life insurance
Insurance regulator IRDAI has asked all insurance companies to launch ‘Saral Life Insurance’ from January 1 next year. This will be a standard term insurance. This will help customers to take decisions based on the information already provided by the companies. IRDAI issued guidelines saying that all insurance companies starting 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).
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.
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.
TVs, fridge washing machines can be expensive
In the New Year 2021, the prices of LED TVs, fridges, washing machines and some other home appliances may increase by up to 10 percent. The main reason for this is the rise in prices of copper, aluminum and steel. In addition, sea and air freight has also increased. The prices of TV panels have increased by 200 per cent, while plastic has also become expensive due to rising crude prices. Due to this, Panasonic India, LG and Thomson have decided to increase the price of their products since January. Soni said that she is taking care of the situation right now. After that she will decide on the price increase.
