New Rules from January 1, 2025: UPI Payments, PF to Share Market, What’s Changing?
A new year always brings new changes, and 2025 is no exception. Starting New Rules from January 1, several updates are coming into effect that could impact your finances and daily life. These updates cover areas like UPI payments, EPFO rules, the stock market, and more. Let’s dive into the details of these changes in a simple and easy-to-understand way.
1. EPFO’s New Rules for Pension and PF Withdrawals
New Rules from January 1, 2025, the Employees’ Provident Fund Organisation (EPFO) is introducing major changes:
- Pension Withdrawals: You can now withdraw your pension from any bank account. This flexibility makes it easier for retirees to access their funds.
- PF Withdrawals Made Convenient: PF account holders can now withdraw funds using a special ATM card. No more visiting the bank or EPFO offices.
These updates aim to simplify processes for over 7.8 million pensioners and PF contributors.
2. Higher UPI One Two Three Payment Limit
For those without smartphones or internet access, UPI One Two Three is a game-changer.
- What is UPI One Two Three?
- It’s a payment system that works on feature phones. You just need to call a number and follow voice instructions to make payments.
- What’s Changing?
- The payment limit is increasing from ₹5,000 to ₹10,000, allowing for larger transactions without a smartphone.
This update is especially beneficial for rural areas and users with limited digital access.
3. New Rules for the Share Market
Stock market investors, take note! The Bombay Stock Exchange (BSE) has revised contract expiry dates:
- Weekly Contracts: Expiry will now occur on Tuesdays instead of Fridays.
- Monthly Contracts: Sensex 50 and similar contracts will expire on the last Tuesday of each month.
These changes aim to align with global market practices and improve trading efficiency.
4. WhatsApp Support Ends for Older Phones
New Rules from January 1, 2025, WhatsApp will no longer work on several older Android phone models. Here’s why:
- Security and Features: Older phones cannot support WhatsApp’s latest features and updates.
- Affected Models:
- Samsung Galaxy S3
- Sony Xperia Z
- LG Nexus 4
If your phone is on this list, back up your chats and consider upgrading to a newer device.
5. Farmers Can Access Bigger Loans
The Reserve Bank of India (RBI) has increased the loan limit for farmers without collateral:
- What’s Changing?
- The loan limit is rising from ₹1.6 lakh to ₹2 lakh.
- Why It Matters:
- Small and medium-income farmers will have better access to funds for agriculture and related needs.
This move supports financial inclusion and stability for farmers.
6. Higher Tax on Luxury Items
Planning to buy luxury goods? Be prepared for an additional tax:
- What’s New?
- Luxury items priced above ₹10 lakh will now attract a 1% Tax Collected at Source (TCS).
- Reason for the Change:
- The aim is to increase transparency and discourage unnecessary luxury spending.
7. Vehicle Prices Are Going Up
New Rules from January 1, 2025 Buying a car or bike in 2025? Expect higher prices.
- Price Hike:
- Major brands like Maruti Suzuki, Hyundai, and Mahindra are increasing vehicle prices by up to 3%.
- Spare parts will also see a price hike.
This means an additional ₹20,000–₹30,000 for some vehicles. Plan your budget accordingly.
8. E-KYC Now Mandatory for Ration Cards
If you have a ration card, completing e-KYC is now a must.
- Why E-KYC?
- To eliminate fake ration cards.
- To ensure benefits reach deserving families.
- How to Complete E-KYC:
- Visit your nearest ration shop and get it done to avoid card cancellation.
9. Stronger Security for GST Portal
Taxpayers will face a significant update in GST filing:
- Mandatory Multi-Factor Authentication (MFA):
- Previously, MFA was required only for large businesses. Now, it’s mandatory for all taxpayers.
- Why MFA?
- To enhance security and protect against unauthorized access.
Ensure you’re ready with MFA to avoid disruptions in your tax filings.
10. Possible Changes in LPG Prices
The price of LPG cylinders may change starting New Rules from January 1, 2025:
- Why the Change?
- Oil companies are likely to adjust LPG rates based on market conditions.
- What to Watch For?
- A possible increase in cylinder prices could affect household budgets.
How Do These Changes Affect You?
The New Rules from January 1, 2025, are a mix of benefits and challenges. While EPFO and UPI updates bring convenience, higher taxes and rising vehicle prices may strain budgets. Being informed about these changes allows you to plan ahead and make better financial decisions.
What’s your opinion on these updates? Share your thoughts in the comments, and don’t forget to stay tuned for more such updates. Let’s make 2025 a well-informed and financially secure year!