There is only some time left to welcome 2025. Many economic changes are also going to happen with the new year, which can directly impact the life and expenses of the common man. Many important changes in LPG cylinder prices, fixed deposit rules, UPI transaction limits, and GST compliance will come into effect from January 1, 2025. Let’s take a look at these changes.
1. Possible change in LPG cylinder prices
There is a possibility of increase in the prices of LPG cylinders in January 2025.
- International Crude Oil Prices:
Currently the price of crude oil is $ 73.58 per barrel, which can affect the cylinder prices. - Current status:
- Domestic LPG cylinder (14.2 kg) price is Rs 803 in Delhi.
- Oil companies review prices on the 1st of every month.
2. Changes in the rules of fixed deposit (FD)
The amendments in fixed deposit rules for non-banking financial companies (NBFCs) and housing finance companies (HFCs) will come into effect from January 1, 2025.
- Different from banks:
The security and strictness of rules on deposits in these companies will be increased, which will provide more transparency and security to investors.
3. Strictness in GST rules
Some new rules will be applicable in GST compliance from January 1, 2025.
- Multi-Factor Authentication (MFA):
This will now be applicable to all taxpayers, which was earlier only for businesses with a turnover of more than Rs 200 million. - Security and Transparency:
This step will further strengthen the security of the GST portal and reduce the incidents of fraud.
4. UPI 123Pay transaction limit increased
Good news for UPI 123Pay users.
- New limit:
The transaction limit has been increased from Rs 5,000 to Rs 10,000 from January 1, 2025. - Benefit:
The move will make digital transactions more convenient, especially for those who use feature phones.
5. Facility of PF withdrawal from ATM for EPFO members
In the new year, more than 7 crore members of EPFO can get the facility of PF withdrawal through ATM.
- Government Initiative:
The central government is working on implementing this facility, which will make the PF withdrawal process easier.
6. Relief for farmers
Farmers have been given relief in loan limit.
- New limit:
The loan limit without guarantee has been increased from Rs 1.60 lakh to Rs 2 lakh. - Objective:
This step has been taken to promote financial help in the agriculture sector.
7. New rules of stock market
Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have made changes in the expiry dates of contracts.
- Monthly Contract:
Now the monthly closing of Sensex, Bankex, and Sensex 50 will happen on the last Tuesday of every month. - Weekly Contract:
Contracts that previously expired on Friday will now expire on Tuesday.
8. Increase in car prices
Buying a car may become expensive from January 1, 2025.
- Major Brands:
Maruti Suzuki, Tata Motors, Mahindra, Honda, and luxury brands like Mercedes-Benz, Audi, and BMW may increase the prices of their cars by 2% to 4%. - Reason:
- Increase in production costs.
- Increase in freight charges.
- Foreign currency volatility.
