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Starting January 1, 2025, a slew of regulatory and financial changes will be coming into effect, affecting citizens across the country. From changes in the Employees' Provident Fund Organisation (EPFO) procedures to adjustments in LPG pricing and the Unified Payments Interface (UPI), the new year could have a significant impact on your wallet. Here's a complete list of the changes that you can expect.
EPFO new rule
EPFO is set to streamline the pension withdrawal process from January 1, 2025 as part of the centralised pension payment system (CPPS). Pensioners will now have the convenience of withdrawing their pensions from any bank in the country, eliminating the hassle of additional verification.
Reports suggest that EPFO will be soon issuing an ATM card that will enable subscribers to withdraw money around the clock. Moreover, the EPF contribution cap is expected to be eliminated this year as well.
GST
Multi-factor authentication (MFA) will be made mandatory for taxpayers for better security on the GST portal. Additionally, E-Way Bills (EWBs) can only be generated for base documents not older than 180 days.
UPI and farmer loans
As per a recent circular by the Reserve Bank of India (RBI), starting today, UPI 123Pay, using which feature phone users make online payments, will see an increase in its transaction limit from January 1, 2025. The new limit will be Rs 10,000, up from the previous Rs 5,000.
Additionally, the central bank has raised the cap on unsecured loans for farmers to Rs 2 lakh from Rs 1.60 lakh. This increase, effective today, is intended to provide more financial support to farmers, potentially aiding in better 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 free rescheduling of their visa appointment. However, any further rescheduling will necessitate 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:
New rules, effective from January 17, 2025, will modernise the H-1B visa process, making it more flexible for employers and accessible for Indian F-1 visa holders.
LPG pricing
Though no official announcement has been made so far, the trend has remained of price change of both domestic (14 kg) and commercial LPG cylinders (19 kg) in the new year. While domestic cylinders' prices have remained consistent, commercial cylinders have witnessed some volatility. As per experts, there could be a price hike in both.