There are few rules which change every new year, from banking to billing. But do these changes are effective, well that is something we need to see the following year. So let us see what rules are changing when we step into the new year of January 2021.
Positive Pay system – Cheque Payment
This system will be introduced from January of 2021, all high-value cheque payments from Rs 50,000 will re-confirmed by the bank with the issuer before passing the payments.
This confirmation will be made either by a phone call or via SMS. This option is availed by choice, which means you have to choose this option if you need any reconfirmation for the payments you make.
As of now, there is no news regarding, if it will be charged or it’s a free service.
Banks may think about making it necessary for the amount of Rs 5,00000 and more.
This system is introduced to tighten high value banking frauds.
Some banks had this facility earlier for high-value check payments. These banks call the issuer and reconfirm before passing high-value cheque.
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Limit Increase In Contactless Card Transaction
After introducing this facility in your new debit card and credit card, the limit for this type of transaction was Rs 2000.
Now, from January 2021 the limit for contactless transactions has increased to Rs 5000. This facility will enhance the digital transaction without any contact in the current pandemic situation.
Users are given t
30% Cap On Your Digital Payments
NPCI has put a cap of 30% on digital payments ( Google pay, Phonepe), to cut the monopoly of digital payment apps. But how they will calculate the 30% cap is still a quest we have to find. As of now, they have informed only 30% of transactions can be carried out by any UPI app.
And how do you know you have used the 30% ?? well we will let you know.
UPI Payment Charges
Other than the 30% cap on the transaction, there will be an introduction of transaction charges by all UPI payment service providers such as Google Pay, Amazon Pay, PhonePe.
Everyone got used to the convenience of UPI payment now, its time for them to make some money.
Hike in Car Price
After a huge hit from the market on car sales, some of the Indian carmakers like Maruthi Suzuki has informed that there will be a price hike on their cars.
Since the price of the metal, plastics and all by-products of petrol seeing a steep hike, the input cost is also increasing. This has made the car manufacturers call for a price hike.
So, if you have any plans to purchase a car hunt for some dealer who wants his stock to get cleared.
New Term Insurance Policy
From January 2021 the introduction of new term insurance policy ” Saral Jeevan Bima” which will be available with all insurance company with standardized policy.
Firstly, IRDAI has floated this policy with uniform features irrespective of the insurers. This will available from January 2021 to all buyers between the age of 18 to 65 years of age.
If you don’t have much knowledge on insurance and coverage, this the policy for you.
You can have your own term plan from 5 lakhs to 25 lakhs irrespective of your salary.
Fast -Tag Compulsory For all Four Wheeler
Compulsory fas-tag was announced way back in 2020 but we are seeing a stronger message this 2021. Let see how its going to work, because standing in new quee is nor more fun.
GST Filing
GST council has reduced the burden for small-time businesspeople allowing them to file the GST returns quarterly. So, from January 2021 small business enterprises with a turnover up to 5 crores can file GST returns 4 times a year ( every quarter).
And most importantly, this will give a little breathing space for people with the filing and fees they have to pay to the GST auditors.
Other Changes …
- Whatsapp will stop working on selected models.
- LPG price hike on 1st of every month, which is a standard operating procedure of our government.
Stay Tuned…..