Business News Desk – Many big changes are going to happen in the country from January 1, which includes a total of 9 changes including PF, GST, UPI, Fixed Deposit, Credit Card and Visa.
1. New EPF rule – Provident Fund (EPF) will start a new ATM service from 2025. This service will help EPF account holders access their money through ATMs, making it easier for individuals to manage their savings and withdraw money.
2. New GST Rules – From January 1, 2025, the government will make Multi-Factor Authentication (MFA) mandatory for all taxpayers. This security upgrade will tighten security on the GST portal, requiring businesses to update mobile numbers, train staff and ensure that IT systems are ready for this new requirement.
3. E-Way Bill – Another change related to GST will affect the e-Way Bill (EWB). Starting from 2025, e-way bills will be generated only for Aadhaar documents that are not older than 180 days. Businesses will need to adjust their invoicing and logistics to conform to this rule.
4. New UPI rules – From January 1, 2025, the Reserve Bank of India (RBI) will enable full KYC for Prepaid Payment Interface (PPI) Unified Payments Interface (UPI) payments. The move will allow PPI wallet holders to transact with third-party UPI, providing greater flexibility. This will enable users to link their full KYC PPI to third party UPI apps to enhance security, seamless transactions, convenience and utility.
5. New Fixed Deposit Rules – The Reserve Bank of India (RBI) has introduced new rules for fixed deposits (FD New Rules) for non-banking financial companies (NBFCs) and housing finance firms. These rules are coming into effect from January 2025. The rules will affect the FD interest rate, tenure and eligibility criteria. FD holders in NBFCs can withdraw small deposits (less than Rs 10,000) before maturity without any penalty. At the same time, FD holders suffering from serious illness can withdraw the entire amount before maturity.
6. RuPay Credit Card Lounge Access – National Payments Corporation of India (NPCI) will implement new guidelines for RuPay credit card holders from January 1, 2025. It will introduce tier-based spending criteria for airport lounge access. Cardholders who meet certain spend thresholds will be eligible for a free lounge visit.
7. BOBCARD LOUNGE ACCESS CHANGES – Starting January 1, 2025, BOBCARD users will notice significant updates to their home airport’s lounge access program. For example, to get unlimited lounge visits, cardholders need to spend at least Rs 40,000 in the previous quarter, while the rest will get access based on a fixed number of visits every quarter. Cardholders can track their spending through the BOBCARD portal or mobile app.
8. Thailand e-Visa – Thailand will expand its e-Visa system to all international travelers in 2025. From January 1, 2025, travelers from any country can apply for a visa online through the official website.
9. US Visa Appointments – The US Embassy in India will implement a new rule from January 1, 2025, that will allow non-immigrant visa applicants to reschedule appointments without any additional fees. However, additional rescheduling will require reapplying and paying new fees.