Biggest Changes Effective January 1 Everyone Should Know: Cheques, LPG, FASTags & More!
Year 2020 has been crazy, unpredictable and chaotic but also the one of endurance and courage. We hope in 2021 sun shines upon each and every one of us. A lot is happening this New Year, and we have you all covered. Please read the story to stay on top of the current happenings.
Following are the new rules starting from cheque payment, LPG Cylinder prices, GST to UPI Transaction payment will come into place from January
Cheque Payment Rule:
The Reserve Bank of India has recently decided to introduce the “positive pay system” for cheque. Under this re-confirmation of key details may be needed for payments beyond Rs 50,000. This has been implemented to check on the rising cases of bank frauds,
While the account holder has the discretion to avail this facility, banks may consider making it mandatory in case of cheques for amounts of Rs 5 lakh and above.
WhatsApp To Stop Working On Certain Phones:
In a recent notification, WhatsApp had stated that it will withdraw support from certain phone from January 1. The instant messaging app will now work on only
- Android running OS 4.0.3 and newer
- iPhone running iOS 9 and newer
- Select phones running KaiOS 2.5.1 newer, including JioPhone and JioPhone 2.
LPG Cylinder Prices :
Please take a note that from now on depending on the crude rates in the international markets, oil marketing companies will revise the price of LPG on the first day of every month.
GST Sales Returns:
Starting from January 1, instead of 12, businesses with up to Rs 5 crore turnover will have to file only four GST sales returns or GSTR-3B.
The Quarterly filing of Return with Monthly Payment (QRMP) Scheme would impact almost 94 lakh taxpayers, about 92 per cent of the total tax base of the goods and services tax (GST). With this, from January onwards, small taxpayers would need to file only eight returns (four GSTR-3B and four GSTR-1 returns) in a year.
Contactless transactions limit:
According to the notification of the Reserve Bank of India (RBI), from now on the limits for contactless card transactions and e-mandates for recurring transactions through cards and UPI will be enhanced from Rs 2,000 to Rs 5,000.
The move is aimed to expand adoption of digital payment in a safe and secure manner, RBI added further. These are also well-suited to make payments in a safe and secure manner, especially during the current pandemic.
Car Prices :
In the light of recent downturn due to pandemic, car market leader Maruti Suzuki India and homegrown Mahindra and Mahindra have decided to increase the prices of its vehicles from January 1 to offset the adverse impact of rising input costs.
Landline to Mobile phone calls:
From now on, callers will have to add ‘0’ prefix for making calls from landlines to mobile phones in the country.
Moreover, the department has accepted sectoral regulator Trai’s recommendation for having the ‘0’ prefix for such calls, a move that will create sufficient numbering space for telecom services.
FASTag for four-wheelers:
From now onwards, FASTag has been made mandatory by the Union Ministry of Road Transport and Highways.
Notably, it will be mandatory for M and N class four-wheelers sold before December 1, 2017. For this, the Central Motor Vehicles Rules, 1989 were amended.U
Google Pay web app:
today, Google has said that the web app site will no longer work.
Till Now, customers have been able to manage payments as well as send money from both a mobile app or from pay.google.com.