As the new year begins, India will witness several significant rule changes across various sectors. From LPG price adjustments and EPFO withdrawal updates to expanded UPI payment limits, increased unsecured loan caps for farmers, and new contract expiry rules from the NSE, these changes aim to streamline services and enhance financial accessibility for citizens.
Anticipated Changes in LPG Prices
LPG prices have remained stable for 14 kg domestic cylinders despite fluctuations in commercial cylinder rates. January 2025 may see a price revision as part of the government’s usual monthly adjustments. This change could impact household budgets and the broader economy.
EPFO Introduces ATM Withdrawals
EPFO is set to launch a groundbreaking feature allowing PF account holders to withdraw funds via ATMs. This initiative, part of the Labour Ministry’s IT system upgrade, aims to simplify PF transactions and improve overall service quality. Labour Secretary Sumita Dawra highlighted these enhancements as a step toward modernizing employee benefits.
Expanded UPI Payment Limits for Feature Phones
Starting January 1, 2025, UPI transactions using UPI 123Pay on feature phones will have an increased limit of Rs 10,000, up from the previous Rs 5,000. Announced by the Reserve Bank of India, this change enhances accessibility for non-smartphone users, promoting greater financial inclusion.
Increased Loan Limits for Farmers
In a move to support agricultural growth, the RBI has raised the cap on unsecured loans for farmers to Rs 2 lakh from Rs 1.60 lakh. Effective from January 2025, this change is expected to provide farmers with improved financial flexibility and aid in their development efforts.
NSE Updates Contract Expiry Rules
The National Stock Exchange (NSE) has announced changes to the expiry dates of its contracts, effective January 1, 2025. According to a circular issued on November 29, monthly contracts for FinNifty, MidCPNifty, and NiftyNext50 will now expire on the last Thursday of the respective month. Additionally, both monthly and quarterly contracts for BankNifty will also expire on the last Thursday of the expiry month.
Conclusion
The new year brings transformative changes aimed at enhancing convenience, accessibility, and financial support for Indian citizens. From technological advancements in PF withdrawals to improved trading rules by the NSE, these updates reflect a forward-thinking approach to governance and service delivery.
