As the new year unfolds, several significant regulatory and financial changes have taken effect, impacting citizens across the country. From new rules by the Employees’ Provident Fund Organisation (EPFO) to updates in GST, UPI limits, and visa policies, these changes are poised to influence daily lives and financial planning. Here’s a comprehensive overview of what’s new starting January 1, 2025.
Table of Contents
EPFO Streamlines Pension Withdrawal
The Employees’ Provident Fund Organisation (EPFO) has introduced reforms under the Centralised Pension Payment System (CPPS) to simplify pension withdrawals. Starting today:
- Pensioners can withdraw their pensions from any bank without additional verification hassles.
- An EPFO ATM card is set to be launched, offering subscribers 24/7 access to their funds.
- The EPF contribution cap is expected to be eliminated, a move that may encourage higher savings.
These updates aim to enhance user convenience and modernize the pension disbursement system.
GST Portal Gets More Secure
For taxpayers, changes in the Goods and Services Tax (GST) framework include:
- Mandatory Multi-Factor Authentication (MFA): This aims to bolster security on the GST portal.
- E-Way Bill (EWB) Restrictions: EWBs can now only be generated for base documents not older than 180 days.
These measures ensure better compliance and data security for businesses.
UPI Transaction Limits and Farmer Loans
Unified Payments Interface (UPI):
The Reserve Bank of India (RBI) has raised the transaction limit for UPI 123Pay, a payment service for feature phone users:
- New limit: ₹10,000 (up from ₹5,000).
- This move aims to promote digital financial inclusion among rural and non-smartphone users.
Farmer Loans:
In a significant boost for the agricultural sector:
- The cap on unsecured loans for farmers has increased to ₹2 lakh (from ₹1.6 lakh).
- This is expected to facilitate better access to credit, empowering farmers to invest in sustainable practices.
Visa Policy Updates
For travelers and professionals, two major changes in visa regulations include:
US Visa Appointment Rescheduling:
- Applicants can reschedule their appointment once for free.
- Subsequent rescheduling will require a new application and payment of fees, ensuring streamlined scheduling.
H-1B Visa Modernization:
- Effective January 17, 2025, new rules will enhance flexibility for employers and provide better accessibility for Indian F-1 visa holders.
LPG Pricing Update
The government has revised LPG prices:
- The price of commercial LPG cylinders (19 kg) has dropped from ₹1,818.50 to ₹1,804 in cities like Delhi and Mumbai.
- The price of domestic LPG cylinders (14.2 kg) remains unchanged at ₹803.
This update provides relief for businesses while keeping household budgets steady.
Conclusion
These regulatory and financial changes reflect the government’s efforts to modernize processes and address citizen needs. From improved pension systems and enhanced financial security to visa reforms and LPG price adjustments, these developments are set to shape the economic landscape in 2025.
As these policies unfold, staying informed and adapting to the changes will be crucial for citizens and businesses alike. (Credits: ndtv.com)
