List Of The Key Changes In India Effective From January 1, 2025

LPG Cylinder Price Adjustment Expected on January 1, 2025:

Starting January 1, 2025, LPG cylinder prices will undergo an adjustment. While specific details on the price changes have not been disclosed yet, both domestic and commercial LPG prices are anticipated to change.

Stay informed about the latest updates on LPG price changes and how they may impact your household or business. Keep an eye out for official announcements regarding the adjustments to ensure you're prepared for the upcoming price revisions.

Vehicle Price Hikes in 2025:

Starting in January 2025, several major automobile manufacturers, including Maruti Suzuki, Hyundai, Mahindra, and MG, have announced a price increase of up to 2-4% on their vehicles. The price hikes will affect a wide range of vehicles, from hatchbacks to luxury cars, as automakers cite rising input costs and increased operational expenses as the reasons behind the adjustments.

As the new year begins, customers looking to purchase a vehicle may face higher prices, depending on the brand and model. The extent of the price increase varies by manufacturer, but it is expected to impact a broad spectrum of the car market.

Stay informed about these upcoming price hikes and plan your vehicle purchase accordingly.

Farmer Loan Rules

"RBI Increases Unsecured Loan Limit for Farmers to ₹2 Lakh: Key Change in Agricultural Financing"

In a bid to enhance agricultural productivity and improve the financial stability of farmers, the Reserve Bank of India (RBI) has introduced a major change in agricultural financing. Farmers are now eligible for unsecured loans of up to ₹2 lakh (previously ₹1.6 lakh) without the need for mortgage guarantees.

This move aims to provide financial relief to small and marginal farmers by waiving collateral and margin requirements for agricultural loans up to ₹2 lakh. The initiative addresses the rising input costs in agriculture and improves access to credit, empowering farmers to invest in their crops, equipment, and farming operations without the burden of securing assets.

Share market Expiry Rules

"Sensex and Index Expiration Dates to Shift from Fridays to Tuesdays Starting January 1, 2025"

Starting January 1, 2025, the expiration dates for Sensex and other major stock market indices will be changing, moving from Fridays to Tuesdays. This adjustment will affect both weekly and monthly contracts in the stock market, offering traders and investors a new timeline for their expirations.

The shift is aimed at improving market liquidity and aligning with global market practices. Traders will now need to adjust their strategies and positions in response to the new expiration schedule, which could impact derivative contracts, options trading, and market volatility.

EPFO Pension Rules

"EPFO Pensioners to Benefit from New Rules: Withdraw Pensions from Any Bank ATM Starting January 2025"

In a significant move to enhance convenience for pensioners, the Employees’ Provident Fund Organisation (EPFO) has introduced new rules that will allow pensioners to withdraw their EPFO pensions from any bank’s ATM. This change comes as part of an ongoing upgrade to the IT system aimed at streamlining and simplifying the Provident Fund (PF) withdrawal process for retirees.

The initiative is part of the government's broader effort to improve the service and accessibility of pension payments for millions of retirees. In September 2024, India’s Labour Minister, Mansukh Mandaviya, approved the Centralised Pension Payment System (CPPS). Starting January 1, 2025, this system will enable 7.8 million members of the Employees’ Pension Scheme (EPS) to receive their pensions from any bank branch across India.

UPI Payment Limit Increase

Starting soon, the transaction limit for UPI 123Pay will be raised from Rs 5,000 to Rs 10,000, providing feature phone users with greater flexibility when making transactions. This increase in the transaction limit is expected to improve the accessibility and ease of digital payments for users with basic mobile phones who rely on UPI 123Pay for secure and simple financial transactions.

With this enhancement, users can now conduct higher-value transactions, making it more convenient to handle everyday payments like bill settlements, shopping, and more. This move is expected to further promote financial inclusion and strengthen the adoption of UPI across India.

GST Compliance Updates

To enhance security, the Government of India has introduced mandatory Multi-Factor Authentication (MFA) for all taxpayers accessing the GST portal. Starting soon, taxpayers will be required to:

• Update Mobile Numbers for OTP Verification: Ensure that your mobile number is up-to-date for One-Time Password (OTP) verification.
• Provide Employee Training on MFA System: All employees must be trained to effectively use the new MFA system to ensure seamless access to the GST portal.

This move aims to bolster GST security and protect taxpayer data from potential cyber threats. Stay compliant by following these essential steps to update your credentials and ensure secure access to the GST system.