Key Points:
- LPG cylinder prices may increase due to rising crude oil costs.
- New fixed deposit regulations for NBFCs and HFCs will come into effect.
- GST compliance rules, including multi-factor authentication, will be stricter for all taxpayers.
- UPI 123Pay transaction limits will double to ₹10,000, enhancing digital payment convenience.
- EPFO members will gain access to ATM-like withdrawal facilities for their Provident Fund.
- The RBI has raised unsecured loan limits for farmers to ₹2 lakh.
- Changes in stock market contract expiry dates for BSE and NSE indices.
- Vehicle prices from leading automakers are set to rise by 2-4% due to increased production and logistics costs.
New Delhi: As the year 2024 draws to a close, preparations for welcoming 2025 are in full swing. However, the new year also brings significant rule changes across various sectors, impacting household budgets and financial plans. From LPG cylinder prices to banking regulations and vehicle costs, here’s a detailed look at what to expect starting January 1, 2025.
1. Potential Hike in LPG Cylinder Prices
Household expenses may rise as LPG cylinder prices are expected to increase in January 2025. The hike is attributed to a surge in crude oil prices, currently at $73.58 per barrel. Oil companies typically review and adjust LPG prices on the first day of each month.
2. Revised Fixed Deposit Rules for NBFCs and HFCs
New regulations for fixed deposits with non-banking financial companies (NBFCs) and housing finance companies (HFCs) will come into effect. Customers are advised to review their fixed deposit terms to understand these changes and how they might impact returns.
3. Stricter GST Compliance
GST compliance is set to tighten as multi-factor authentication (MFA) becomes mandatory for all taxpayers, including small businesses. Previously applicable only to large businesses, this change aims to enhance security and reduce tax fraud.
4. Increased UPI 123Pay Transaction Limit
Digital payment enthusiasts have reason to cheer, as the transaction limit for UPI 123Pay will increase from ₹5,000 to ₹10,000. This change is expected to make digital transactions more convenient, especially for higher-value payments.
5. ATM-Like PF Withdrawals for EPFO Members
Over 7 crore employees registered with the Employees Provident Fund Organization (EPFO) will soon be able to withdraw their Provident Fund (PF) amounts using an ATM-like facility. This move simplifies access to PF funds, ensuring faster withdrawals for emergencies.
6. Higher Loan Limits for Farmers
The Reserve Bank of India (RBI) has raised the unsecured loan limit for farmers from ₹1.6 lakh to ₹2 lakh. This increase is aimed at providing farmers with greater financial flexibility and support.
7. Changes in Stock Market Rules
The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will implement new rules for contract expirations. Monthly contracts for indices like Sensex, Bankex, and Sensex 50 will now expire on the last Tuesday of the month, while weekly contracts will conclude on Tuesdays.
8. Vehicle Prices Set to Rise
Leading automakers, including Maruti, Tata, and Hyundai, are expected to raise vehicle prices by 2-4%. The increase is driven by higher production costs, freight charges, and wages. Prospective buyers may want to finalize their purchases before January 2025 to avoid the price hike.
A Transformative Start to 2025
These rule changes mark the beginning of a transformative year for various sectors, from banking and taxation to agriculture and the automobile industry. While some changes may increase costs, others aim to enhance convenience and accessibility. Staying informed and prepared will be crucial to adapting to these updates effectively.
