As we enter the New Year 2025, many changes will occur in common people’s lives. These changes will be due to some major developments in rules applicable in India. These changes are mentioned below:
UPI payment limit increased
This may be the solution for people without smartphones who want to transfer money from their bank account using their basic or feature phone. Its limit was Rs 5,000, which has now been revised to Rs 10,000 starting from 1 January. This will allow people to increase their transaction amount.
More loans for farmers
Starting January 1, farmers will be entitled to a loan of Rs 2 lakh without any guarantee. Recently, this was informed by the State Bank of India. The loan limit given to farmers was hiked by the central bank from Rs 1.60 lakh to Rs 2 lakh.
GST rules changes
Some changes regarding the regulations of GST are going to take effect from January 1. This includes Multi-Factor Authentication (MFA) as well. This particular procedure applies to anyone who files GST. Its objective is to make the process of filing GST more secure.
Car price hikes
From January 1, buying a car becomes dearer. The price hike as announced has been of up to three percent by Maruti Suzuki, Hyundai, Mahindra, Honda, BMW, etc.
New rules for FD
If you have been putting your money into fixed deposits (FD) choosing that as an investment tool, then that too will change from January 1, 2021. RBI introduced new rules referring to FDs for NBFCs. These rules are concerning early withdrawal of the amount deposited in FD.
Usage of Rupay Credit Card
From January 1, some guidelines related to the RuPay credit card will be changing. These have been issued by the National Payment Corporation of India (NPCI). Under the new rules, not every user of a RuPay credit card will be entitled to lounge access at the airport. This facility is going to depend upon the spending through the credit card.
Fixed cap on Amazon Prime membership
There are also changes taking place with Amazon Prime membership as of January 1, 2014. After this, you can watch Prime Video on 2 TVs only with one Prime account. If there is a need to watch on a third TV with that account, a separate subscription is required. Previously, up to five devices (TV or smartphone) could enjoy viewing from one Prime account.
