What are the major changes of Banking Rules in 1st Jan 2021
Changes are being made in many rules from the first day of new year
The new year 2021 will bring many changes along with it. There is going to be a big change in many rules regarding money transactions, insurance, chatting, buying two-wheelers and four-wheelers and business. Most rules changes will come into effect from January 1, while some will come into force later. Let’s know about the changes and their impact on January 1 and after.
♦Contactless card payment
- Recently, the RBI had decided to increase the limit of contactless transactions from cards. Customers can transact up to ₹ 5000 at the place of ₹ 2000 from January 1.
♦Payment made by cheque
- A few days ago, the RBI decided to introduce a positive pay system for cheque payments. Under this, the issuer of a cheque of more than ₹ 50000 will have to give detailed information related to his bank. However, it will depend on the account holder whether he avails the facility or not. The new rule will come into effect from 1 January.
- E-invoice will be required for b2b payment if turnover of more than Rs 100 crore under GST law from 1st January. Apart from this, e-invoices on b2b (business 2 business) payment will be required for all taxpayers from 1 April. The new system will replace the existing invoice arrangement. Soon, the existing system of e-way bill will be over and taxpayers will not have to make a separate e-way bill.
♦Only four sales returns to be filled
- The coming year will provide a big relief to small traders with annual turnover up to 5 crores. Businessmen have to file only four GSTR-3b and four GSTR-1 sales returns instead of 12 in the year. This will benefit about 94 lakh taxpayers of the country. This arrangement will be applicable from 1 January.
♦Vehicle prices will increase
- From January 1, the prices of cars will increase by 5 percent. Companies like Maruti Suzuki India, Nissan, Renault India, Honda Cars, Mahindra & Mahindra, Ford India, BMW India, Audi India, Volkswagen India, etc. have announced to increase the prices of cars. Leading two-wheeler manufacturer Hero MotoCorp has also announced a hike in bike-scooter prices.
♦Saral Jeevan Bima
- Insurance regulator, IRDAI, has released the guidelines on Standard Individual Term Life Insurance Product called ‘Saral Jeevan Bima’.
- According to the insurance regulator IRDAI, all insurance companies will launch ‘Saral Jeevan Bima’ from January 1. The rules of all companies will be the same for this policy. People between 18 and 65 years will be able to buy ‘Saral Jeevan Bima’ and the policy will be from 5 to 25 lakh rupees.
Mobile phone from landline
- To make a call from landline to mobile, from January 15, we have to add 0 before the mobile number. With this arrangement, service providers will be able to make more number of mobile companies. However, there has been no change in the dialing plan for making calls from landline to landline, mobile to landline and mobile to mobile.
♦Changes in the rules of mutual funds
- The rules of mutual fund investment are also going to change from January 1. Keeping in mind the interests of investors, market regulator SEBI has made some changes in the rules of mutual funds. After the new rules are implemented, it will be mandatory to invest 75 percent of the fund in equity, which is currently 65 percent.
♦WhatsApp will not work in some phones
- From January 1, WhatsApp will not work in some Android and iOS smart phones. WhatsApp will not be able to run in those smartphones which has not Android 4.0.3 and iOS 9 operating system.
- WhatsApp will work in iOS 9 of iPhone and 4.0.3 or latest version of Android. In some mobile phones, updating software can work.
- NPCI has imposed 30 per cent limit on the total volume of processed transactions in UPI from 1 January. This provision will be applicable to all third-party app providers. Due to this, additional charges may have to be paid on payments from Amazon, UPI and PhonePe. Paytm is not in this scope.
♦FASTag mandatory in vehicles
- FASTag will become mandatory from January 1 for new as well as vehicles sold before December 1, 2017. Not only this, the fitness certificate of commercial vehicles will be renewed only after FASTag on them. Valid FASTag will also be mandatory for taking third party insurance. It will also be possible to know the balance from the updated FASTag app.
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