There are just a few days left for the beginning of 2025, and with the new year comes many financial changes that can impact the common man’s wallet. From January 1, 2025, many changes will come into effect, from LPG cylinder prices to UPI payment rules. Let’s take a look at these changes.
1. Possible increase in LPG cylinder prices
LPG cylinder prices are likely to increase in January 2025.
- Reason:
The price of crude oil in the international market is currently $ 73.58 per barrel. - Current Status:
- The price of domestic LPG cylinder (14.2 kg) in Delhi is currently Rs 803.
- Oil marketing companies review LPG prices on the 1st of every month.
2. Changes in the rules of fixed deposit (FD)
There will be changes in the fixed deposit rules of non-banking financial companies (NBFC) and housing finance companies (HFC) from January 1, 2025.
- Advice to customers:
- Get complete information about these changes.
- Compare interest rates and terms.
3. Strictness in GST rules
Taxpayers will have to face new rules in GST compliance from January 1, 2025.
- Important changes:
- Mandatory multi-factor authentication (MFA) will be in place.
- It was previously applied to businesses with a turnover of more than Rs 200 million.
- Now it will be implemented in a phased manner for all taxpayers.
- Benefit:
- Improve security and fraud prevention.
4. UPI 123Pay transaction limit increased
The transaction limit of UPI 123Pay will be increased from January 1, 2025.
- New limit:
- Earlier the maximum transaction limit was Rs 5,000.
- Now it has been increased to Rs 10,000.
5. ATM facility for EPFO members
Employees’ Provident Fund Organization (EPFO) has given major relief to more than 7 crore registered employees.
- New step:
- EPFO members will be able to withdraw money from PF account using ATM card.
- This facility will work like a debit card.
6. Limit for loans without guarantee increased to farmers
The central government has increased the limit of loans available to farmers without guarantee.
- New limit:
- Earlier this limit was Rs 1.60 lakh.
- Now it has been increased to Rs 2 lakh.
- Benefit:
- Small and medium farmers will be able to meet their financial needs easily.
7. New rules of BSE and NSE
Changes in the stock market will come into effect from January 1, 2025.
- Sensex and Bankex contracts:
- The monthly contract will now expire on the last Tuesday of every month.
- Weekly contracts will now expire every Tuesday.
- Benefit:
- Investors will get more transparency and clarity.
8. Possibility of increase in car prices
Car prices may increase in January 2025.
- Estimated price rise:
- Major automakers like Maruti Suzuki, Tata Motors, Hyundai, Mahindra and luxury brands Mercedes-Benz, Audi, BMW will increase car prices by 2-4%.
- Reason:
- Increase in production costs.
- Increase in freight charges and wages.
- Foreign currency volatility.
