Starting January 1, 2025, several important changes will affect everyday life in India. These updates will impact everything from LPG gas prices to new rules for pensioners, farmers, and businesses. Here’s a quick look at the key changes you should be aware of:
LPG Cylinder Prices Could Rise
The prices of LPG cylinders, both for cooking and commercial use, will see a revision in 2025. Domestic cylinders (14 kg) have stayed the same for a while, but commercial cylinders (19 kg) have been fluctuating. It’s expected that there could be a price hike, so keep an eye out for updates.
EPFO Pensioners Can Withdraw From Any Bank
If you are an EPFO pensioner, you’ll be able to withdraw your pension from any bank in India starting January 1, 2025. This will make it easier and more convenient to access your pension without needing any extra verification. This rule is expected to make life simpler for pensioners across the country.
UPI 123Pay Limit Doubles for Feature Phone Users
If you use a feature phone, you’ll soon be able to make larger payments using UPI 123Pay. Currently, the limit for transactions is Rs 5,000, but from January 1, 2025, this will increase to Rs 10,000. This means you can now make bigger payments through UPI on your basic phone, which will make it easier for people who don’t have smartphones.
Sensex And Bankex Indices To Expire On Tuesdays
The expiry dates for important stock market indices like Sensex, Sensex-50, and Bankex will change in 2025. These indices, which currently expire on Fridays, will now expire on Tuesdays. Additionally, quarterly and half-yearly contracts will expire on the last Tuesday of the respective months. Nifty 50 contracts will continue to expire on Thursdays.
Farmers Can Get Bigger Loans
Farmers will now be able to get loans of up to Rs 2 lakh without needing any guarantee. This is an increase from the previous limit of Rs 1.6 lakh. This new rule is expected to help farmers get more financial support for their agricultural work, improving productivity and livelihoods.
Aviation Fuel Prices Could Go Up
Aviation fuel prices will also be updated starting January 1, 2025. This regular monthly update is likely to affect the cost of airline tickets, so airfares could go up depending on the price changes.
New GST Security Measures For Businesses
Businesses will need to adopt Multi-Factor Authentication (MFA) to access the GST portal starting January 2025. MFA adds an extra layer of security, requiring businesses to verify their identity with additional steps like one-time passwords (OTPs). Additionally, companies will only be able to generate E-Way Bills for documents issued in the last 180 days. This ensures more accurate and up-to-date records for businesses.
What You Need To Do:
For LPG Users: Be prepared for potential price hikes, especially for commercial cylinders.
For Pensioners: You’ll have more flexibility in withdrawing your pension from any bank.
For Feature Phone Users: Enjoy higher transaction limits on UPI 123Pay.
For Farmers: You can apply for bigger loans to help with your farming needs.
For Business Owners: Be ready to adopt MFA for GST portal access and make sure your records are updated for E-Way Bills.
These changes are designed to make life easier, more secure, and more efficient for people across India.
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