Lucknow: There will be a number of sweeping changes in rules from January 1, 2021, which will be applicable across the country. Apart from banks and insurance, changes will directly affect the life of the common man.
These changes that are going to happen in the new year will greatly affect the life and pocket of the common man.
A simpler life insurance scheme will be launched. From 1 January, the insurance regulator IRDA has issued instructions to all life insurance companies to sell a standard individual term life insurance policy. The Maximum Sum Assured of Standard Individual Term Life Insurance Policy will be Rs 25 lakh. People between the ages of 18 and 65 can buy simple life insurance.
4 wheelers will be expensive
Buying cars will also become expensive from 1 January 2021. Automobile companies are going to increase the price of many of their models by 5 percent. Companies that are increasing the prices of their cars include Maruti Suzuki India, Nissan, Renault India, Honda Cars, Mahindra & Mahindra, Isuzu. Audi India, Volkswagen, Ford India, and BMW India.
Gas cylinder prices will also change
On the first date of every month, the prices of LPG cylinders are decided by the government oil companies. During this time, the price can also be increased and the price relief can also be given.
There will be a change in the rules for making cheques
From 1 January 2021, the rules for making payment through cheque will also be changed. After the new rules are implemented, the system will be applicable for cheques paying more than 50,000.
Change in payment limit through contactless card
The Central bank is going to increase the limit of payment through the contactless card to 5 thousand rupees from January 1 to promote digital payments.
Only 4GSTR-3B return forms to be filled in a year
Businessmen will have to fill only 4GSTR-3B return forms from January 1 in a year. At present, the businessmen fills 12 such forms. Businessmen can avail the benefit of this scheme up to a total turnover of Rs 5 crore annually.
To dial the mobile from landline, zero is required.
From 1 January 2021, to call mobile phones from landlines across the country, dialling the number will have to be done before dialling.
Mutual fund investment rules will change
The rules of mutual fund investment are also changing from 1 January 2021. After the new rules are implemented, it will be mandatory to invest 75% of the funds in equity.
UPI Payment Service Changes
From January 1, additional fees may be required to be paid from Amazon-Pay, Google-Pay and Phone-Pay. NPCI has decided to levy extra duty on UPI payments service run by third-party app providers.
Fastagging mandatory for four wheelers
Initially scheduled for implementation from 1 January 2021, the central government will bring into force FASTAGging tentatively in a month and a half i.e February 15 for all four-wheelers. This will also apply to the old vehicles, which have been sold before December 1, 2017, in the M and N categories.