The year 2023 has started with the beginning of the month of January. Every new month brings with it some new changes, which are very important for the common man. These changes have a direct impact on our lives. Some changes directly affect our pocket. Some important rules have also been changed from the first day of the new year. These include changes related to credit card, bank locker, GST, CNG-PNG prices and vehicle prices.
bank locker
The Reserve Bank of India (RBI) has said that from January 1, 2023, all banks in the country will have to follow the new locker rules. Banks have to give locker agreement to the customers. All existing locker hirers will be required to provide proof of eligibility for the new locker arrangement. People will have to sign the new agreement by January 1, 2023. RBI has mandated that all banks issue updated locker agreements to customers using safe locker deposits. RBI has mandated that all banks install CCTV cameras in their safe deposit areas and banks securely store CCTV footage for at least 180 days.
credit card rules
The new year has brought changes to many bank credit card reward programs. To do so, customers had till December 31 to redeem their credit card reward points. Banks have advised customers to pay all outstanding reward points on their credit cards before December 31, 2022. Under the new rules, the facility of reward points will be available from January 1, 2023.
GST Rules
Changes have also been made in the rules related to GST e-invoice and electronic bill in the new year. The government has reduced the GST e-invoice limit from Rs 20 crore to Rs 5 crore. These changes in GST rules will be effective from 1 January 2023. Now businessmen with a turnover of Rs 5 crore or more will be required to generate electronic bills.
In the new year 2023, the increase in the price of gas cylinders has started from today. With the new year, the common people have got another blow of inflation. Government oil companies have released new prices of gas cylinders on January 1, 2023. The special thing is that the price of gas cylinder has been increased by 25 rupees. The price of commercial gas cylinder in Delhi has increased to Rs 1769.
high security registration plate
As per the Motor Vehicles Act and Central Motor Vehicles Rules, HSRP and colour-coded stickers are mandatory for all vehicles. According to the rules, a fine of Rs 5,000 to Rs 10,000 can be imposed on a vehicle caught without HSRP and colour-coded stickers.
insurance premium
Insurance premium can be expensive from the year 2023. IRDAI is considering new norms for insurance premium based on usage and maintenance of vehicles. People may have to bear the brunt of expensive insurance premiums from the new year.
KYC mandatory for insurance policies
As per IRDAI, all insurance policy holders must submit KYC (Know Your Customer) details before signing up for a new policy. The insurer has said that it will closely monitor the KYC documents of the policyholders before selling policies including life, health, motor, home and travel insurance policies.
CNG-PNG price changes
CNG and PNG prices mostly change on the first day or first week of the month. Commercial cylinder prices were reduced from November 2022. However, there has been no change in the prices of domestic LPG cylinders.
