New changes, from updates to the EPFO withdrawal procedure to increased UPI limits, will be implemented starting January 1, 2025.
Starting January 1, 2025, several regulatory and financial changes will come into effect, impacting citizens nationwide. From updates in the Employees’ Provident Fund Organisation (EPFO) procedures to changes in LPG pricing and the Unified Payments Interface (UPI), the new year could significantly affect your finances. Here’s an overview of the upcoming changes:
EPFO New Rule From January 1, 2025, EPFO will streamline the pension withdrawal process as part of the Centralized Pension Payment System (CPPS). Pensioners can now withdraw their pensions from any bank in the country, eliminating the need for additional verification.
Reports suggest that EPFO will soon issue an ATM card, enabling subscribers to withdraw money anytime. Additionally, the EPF contribution cap is expected to be eliminated this year.
GST Multi-Factor Authentication (MFA) will become mandatory for taxpayers for enhanced security on the GST portal. Moreover, E-Way Bills (EWBs) can only be generated for base documents not older than 180 days.
UPI and Farmer Loans According to a recent circular from the Reserve Bank of India (RBI), effective today, the transaction limit for UPI 123Pay, which allows feature phone users to make online payments, will be increased to Rs 10,000, up from the previous limit of Rs 5,000.
The central bank has also raised the cap on unsecured loans for farmers from Rs 1.60 lakh to Rs 2 lakh. This increase, effective today, aims to provide more significant financial support to farmers, potentially aiding in improved agricultural practices and investments.
Visa Requirements
- US Visa Appointment Reschedule: Starting January 1, 2025, non-immigrant visa applicants in India will benefit from a policy allowing one complimentary rescheduling of their visa appointment. Further rescheduling will require a new application and payment of the visa fee, aiming to streamline the process while maintaining discipline in appointment scheduling.
- Changes in the H-1B Visa Process: Effective January 17, 2025, new rules will modernize the H-1B visa process, making it more flexible for employers and accessible for Indian F-1 visa holders.
LPG Pricing On January 1, 2025, the central government reduced the price of commercial cylinders (19 kg) from Rs 1818.50 to Rs 1804 across cities, including Delhi and Mumbai. However, the cost of domestic LPG cylinders (14.2 kilograms) remains unchanged at Rs 803.
Source: NDTV