The new year 2025 is starting with many important changes. These changes will not only affect our daily lives but will also have a major impact in the financial and business sectors. These changes include new limits on UPI 123Pay, reforms in EPFO rules, security measures on the GST portal, and changes in stock market rules.
These changes are aimed at promoting financial inclusion, making services more accessible and strengthening security. Let us understand these changes in detail and see how they will affect your daily life and financial matters.
Major changes to be implemented from January 1, 2025
Here’s a brief overview of the key changes coming into effect in the new year:
| shift | Description |
| New limit of UPI 123Pay | Transaction limit increased from ₹5,000 to ₹10,000 |
| EPFO pension withdrawal | Pension withdrawal facility from any bank |
| GST Portal Security | Multi-Factor Authentication (MFA) Mandatory |
| LPG cylinder price | Possible price revision |
| stock market rules | Change in expiry date of derivatives |
| farmer loan limit | Loan limit without guarantee increased to ₹2 lakh |
| EPF fund withdrawal | Fund withdrawal facility through ATM |
| mobile data charges | potential growth |
| bank holidays | Bank holiday uncertainty on January 1 |
1. New limit of UPI 123Pay
The transaction limit through UPI 123Pay has been increased from ₹5,000 to ₹10,000. This change will make financial transactions more accessible to feature phone users. This will promote digital payments and improve financial inclusion in rural areas.
2. Improvement in EPFO pension withdrawal process
EPFO pension holders can now withdraw their pension from any bank. This change will eliminate the need for additional verification, making it easier for pensioners to receive their pension. This facility will be especially beneficial for those who live away from their parent bank.
3. MFA mandatory on GST portal
Multi-factor authentication (MFA) has been made mandatory to increase security on the GST portal. This step will strengthen the security of online transactions and data. Businesses and taxpayers will need to adopt additional security measures for their GST accounts.
4. Revision in LPG cylinder prices
LPG cylinder prices will be revised, which may affect the household budget. However, the government has not announced any major changes yet. Consumers are advised to pay attention to official notifications.
5. Change in stock market rules
Bombay Stock Exchange (BSE) has changed the expiry date of derivatives from Friday to Tuesday. This change is important for traders and investors and they will have to adjust their strategies accordingly.
6. Increase in loan limit for farmers
The loan limit without guarantee for farmers has been increased from ₹1.6 lakh to ₹2 lakh. This increase has been made to boost the agriculture sector and provide more financial assistance to farmers.
7. ATM facility for EPF funds
EPF account holders can now withdraw their funds through ATM. This facility will provide EPF members quick and easy access to their funds. However, this facility will require a special ATM card.
8. Possible increase in mobile data charges
Companies like Jio, Airtel and Vodafone may increase their data charges. Consumers are advised to review their mobile data expenses and plan the budget accordingly.
9. Uncertainty of Bank Holidays
There is confusion regarding the bank holiday on January 1, 2025. Customers are advised to confirm with their respective banks and make necessary transactions in advance.
Impact of these changes
These changes will have a wide-ranging impact on various sectors:
- Financial Inclusion: The increased limit of UPI 123Pay and ATM facility for EPF funds will increase access to digital transactions and financial services.
- Agriculture Sector: Increased loan limit for farmers will give a boost to the agriculture sector.
- Security: Mandating MFA on the GST portal will increase the security of online transactions.
- Stock Market: Changes in the expiry date of derivatives will force traders and investors to change their strategies.
Tips for Consumers
In view of these changes, consumers should take the following steps:
- Be aware of your UPI and digital payment limits.
- Set up MFA on the GST portal and keep your login credentials secure.
- Be prepared for possible changes in LPG prices and plan your budget.
- Take advantage of new features related to EPF account.
- Compare mobile data plans and choose the one that best suits your usage.
conclusion
These changes, which will come into effect from January 1, 2025, will have a significant impact on India’s economy and the daily lives of citizens. These changes are a step towards digital payments, financial security and strengthening the agriculture sector. Citizens should remain aware of these changes and adjust their financial decisions accordingly.
Disclaimer
This article is for informational purposes only. Although we have attempted to provide accurate information, rules and policies are subject to last minute changes. Readers are advised to consult relevant authorities or experts before taking any financial decisions. The author or publisher will not be responsible for any action taken based on the information given in the article.
