All these rules related to check payment and GST will be changed

New Delhi: From 1 January 2021 many rules will be changed, which will directly affect the common man. There is going to be a change in rules from check payment to UPI payment system and GST returns.

1. Check Payment System – From January 1, 2021, the rules related to check payment will be changed. 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 of 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. The 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 prices of many of their models from January 2021, after which buying a car will be more expensive than before. So far, Maruti, Renault, and MG Motor have announced a hike after Mahindra.
4. To make a call from a landline to a mobile, you have to apply zero – if you put a phone from landline to any mobile number after January 1, then you have to use 0 for that. Without calling zero, your call will not be used.
5. Electricity Connection – The Ministry of Power is preparing to implement the consumer rights rules from January 1. After this, the power distribution companies will have to provide services to the consumers within the stipulated time period, if they fail to do so, then the consumer can be fined.
6. Change rules for mutual fund investment – SEBI has changed the rules for asset allocation for multi cap mutual funds. According to the new rules, 75 percent of the funds will now be required to invest in equity, which is currently a minimum of 65 percent. According to the new rules of SEBI, the structure of multi-cap funds will change.
7. Changes will be made in UPI payment – From January 1, 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 be changed – Let the small businessmen of the country get simple, quarterly Goods and Services Tax (GST) return filing facility. Under the new rule, traders whose turnover is less than Rs 5 crore, will not have to file returns every month.
9. A 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 – after the upcoming 1st date, WhatsApp can stop working on some Android and iOS phones. The company told that WhatsApp will stop working on the software that has become outdated.