Starting January 1, 2025, a slew of regulatory and monetary modifications shall be coming into impact, affecting residents throughout the nation. From modifications within the Employees’ Provident Fund Organisation (EPFO) procedures to changes in LPG pricing and the Unified Payments Interface (UPI), the brand new yr may have a major impression in your pockets. Here’s a whole record of the modifications that you may anticipate.
EPFO new rule
EPFO is ready to streamline the pension withdrawal course of from January 1, 2025 as a part of the centralised pension fee system (CPPS). Pensioners will now have the comfort of withdrawing their pensions from any financial institution within the nation, eliminating the effort of extra verification.
Reports recommend that EPFO shall be quickly issuing an ATM card that can allow subscribers to withdraw cash across the clock. Moreover, the EPF contribution cap is predicted to be eradicated this yr as properly.
GST
Multi-factor authentication (MFA) shall be made necessary for taxpayers for higher safety on the GST portal. Additionally, E-Way Bills (EWBs) can solely be generated for base paperwork not older than 180 days.
UPI and farmer loans
As per a latest round by the Reserve Bank of India (RBI), beginning right now, UPI 123Pay, utilizing which characteristic telephone customers make on-line funds, will see a rise in its transaction restrict from January 1, 2025. The new restrict shall be Rs 10,000, up from the earlier Rs 5,000.
Additionally, the central financial institution has raised the cap on unsecured loans for farmers to Rs 2 lakh from Rs 1.60 lakh. This improve, efficient right now, is meant to supply extra monetary help to farmers, probably aiding in higher agricultural practices and investments.
Visa necessities
US Visa Appointment Reschedule:
Starting January 1, 2025, non-immigrant visa candidates in India will profit from a coverage permitting one free rescheduling of their visa appointment. However, any additional rescheduling will necessitate a brand new software and fee of the visa payment, aiming to streamline the method whereas sustaining self-discipline in appointment scheduling.
Changes within the H-1B Visa Process:
New guidelines, efficient from January 17, 2025, will modernise the H-1B visa course of, making it extra versatile for employers and accessible for Indian F-1 visa holders.
LPG pricing
Though no official announcement has been made to this point, the development has remained of value change of each home (14 kg) and business LPG cylinders (19 kg) within the new yr. While home cylinders’ costs have remained constant, business cylinders have witnessed some volatility. As per specialists, there might be a value hike in each.