Key financial Changes from January 1, 2025: On January 1, 2025, there will be changes in the prices of some goods and services as well as important financial rules. Usually, LPG prices are revised on the first and 15th of every month.
However, on January 1, 2025, there will be changes in the savings of salaried people in the form of major government schemes as well as EPFO rules.
See below for more details on the major financial changes that will take place from January 1, 2024.
Jet Fuel Prices
Aviation fuel prices are revised by oil marketing companies on the first of every month. ATF or Air Turbine Fuel forms a major part of the cost of air tickets. OMCs raised ATF prices by Rs 1,318.12 per kilolitre on December 1, 2024. Similarly, ATF prices in Delhi and Mumbai increased by more than 3 per cent in November 2024.
LPG Cylinder Price Revision
The Centre has capped the prices of domestic LPG cylinders at Rs 803 per 14 kg cylinder, but commercial LPG cylinder prices have been hiked by OMCs in successive months. The price of 19 kg commercial LPG cylinder was hiked by Rs 15.5-16.5 per cylinder on December 1, 2024. Commercial LPG prices have increased by Rs 173 per cylinder in the last 5 months. These hikes can make eating out expensive.
Agricultural loan without collateral
The people of the farming community are going to get a big gift, as the Union Cabinet has approved the budget for loans without collateral for the farming community. From January 1, 2024, farmers will be able to take loans without collateral up to Rs 2 lakh, whereas earlier this limit was Rs 1.6 lakh. These loans are expected to meet the loan needs of farmers during the agricultural season.
Change in stock market expiry rule
The stock market expiry rule will change for BSE Sensex, Sensex 50 and Bankex indices from January 1, 2024, expiry will start on Tuesday from this date. Earlier, these indices used to expire on Friday. This rule will be applicable on quarterly and half-yearly contracts on the last Tuesday of the respective month. Under the new rule, the expiry of Nifty 50 monthly contract has been shifted to Thursday.
UPI 123Pay transaction limit
As per the RBI notification, from January 1, 2025, UPI 123Pay users will be able to make high-value online payments using feature phones. RBI has increased the limit for these transactions from the earlier Rs 5,000 to Rs 10,000.
Change in EPFO pension rules
EPFO pensioners will be able to withdraw their pension from any bank in India. Its aim is to make withdrawal easier for pensioners. Apart from this, pensioners will not need to submit any additional verification for withdrawal.
GST rule changes
Businesses will have to adopt multi-factor authentication to access the GST portal from January 2025. This is an improved security feature that includes additional verification using one-time passwords or OTPs. Apart from this, companies will be able to issue e-way bills only for transactions made in the last 180 days. To prepare for these changes, companies will have to update their contact details.
Related Articles:-
- Govt Declared Holiday in banks, schools, govt offices on the demise of former Prime Minister Manmohan Singh
- Post Office’s New Rules: Government notified new rules under post office act. Details Here
- Bank timings Changed: Bank timings will change from January 1st, check before going, otherwise…
- Post Office’s superhit scheme, you will get Rs 9,250 every month…
- Government is Considering Reducing Tax liability on Annual Income up to ₹10.5 lakh in upcoming Budget
