As the calendar turns to 2025, several new rules and changes are set to take effect from January 1, which will directly impact various aspects of daily life and personal finances in India. These changes span LPG cylinder prices, UPI transaction limits, fixed deposit rules, GST compliance, and more. Here’s an extensive look at the upcoming developments.
LPG cylinder prices:
Government oil companies will review the prices of LPG cylinders on the first day of every month, with adjustments based on international crude oil prices. Recent trends in the global market have shown a rise in crude oil prices, which may result in an increase in domestic LPG cylinder costs. Currently, a 14.2 kg LPG cylinder in Delhi is priced at ₹803, with no recent changes over the past few months.
Fixed deposit rules for non-banking and housing finance companies:
The Reserve Bank of India has introduced new regulations for fixed deposits with non-banking financial companies and housing finance companies. These changes provide greater flexibility for premature withdrawal of fixed deposits and include modifications to nominee-related rules, offering enhanced convenience to deposit holders.
Stricter GST compliance:
Starting January 1, GST compliance rules will become more stringent. Multi-factor authentication, which was previously applicable only to businesses with annual turnovers exceeding ₹20 crore, will gradually be extended to all taxpayers accessing the GST portal. This move aims to enhance the security of the GST ecosystem and prevent unauthorized access.
UPI 123Pay transaction limits:
The Reserve Bank of India has increased the transaction limit for UPI 123Pay from ₹5,000 to ₹10,000, effective January 1, 2025. This development aims to boost digital payment adoption, particularly among feature phone users who rely on UPI 123Pay for transactions.
Increased loan limits for farmers:
Farmers will also benefit from relaxed loan limits. The Reserve Bank of India has raised the ceiling for unsecured loans to ₹2 lakh from the previous limit of ₹1.6 lakh, effective January 1, 2025, providing much-needed financial relief.
Changes in stock market rules:
Starting January 2025, the Bombay Stock Exchange and National Stock Exchange will implement changes to their monthly and weekly contract expiry dates. Monthly expiries for indices like Sensex, Bankex, and Sensex 50 will now occur on the last Tuesday of each month, while weekly expiries will shift from Fridays to Tuesdays.
Price hike for cars:
From January 1, 2025, major automakers, including Maruti Suzuki, Tata Motors, Hyundai, Mahindra, and Honda, will increase vehicle prices by 2-4%. Luxury brands such as Mercedes-Benz, Audi, and BMW will also raise prices due to rising raw material costs and a depreciating rupee.
These sweeping changes highlight the evolving regulatory landscape and its direct impact on individuals and businesses as the new year begins.
