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Several key rule changes will take effect in the country from January 1, 2025. These changes will impact sectors like LPG prices and EPFO regulations
Prices for the 14 kg domestic cylinders have remained steady for a prolonged period. (News18 Hindi)
With only days remaining in 2024, preparations for welcoming 2025 are underway. Coinciding with the new year, several important rule changes will come into effect in the country from January 1, 2025. These changes span various sectors, from LPG prices to EPFO regulations.
Let us delve into these upcoming changes and their potential impact:
Usually, the government adjusts LPG prices on the first of each month. Recently, the price of 19 kg commercial LPG cylinders has fluctuated considerably. However, prices for the 14 kg domestic cylinders have remained steady for a prolonged period. Therefore, another price adjustment for LPG cylinders is anticipated this month.
PF account holders could gain a significant benefit at the beginning of 2025: the ability to withdraw funds from ATMs. The Labour Ministry is actively developing this feature as part of an IT system upgrade. Labour Secretary Sumita Dawra recently stated that the Ministry of Labour and Employment aims to streamline PF withdrawals and enhance overall service quality through these technological advancements.
The Reserve Bank of India (RBI) recently announced that from January 1, 2025, UPI payments up to Rs 10,000 can be made using UPI 123Pay in feature phones. The previous limit for such transactions was Rs 5,000.
In a relief to farmers, the RBI has also raised the limit on unsecured loans to Rs 2 lakh. Effective from 1 January 2025, the new rules enhance the previous limit of Rs 1.60 lakh.
The National Stock Exchange (NSE) has announced a change to the expiry day of its contracts, effective from 1 January 2025. The NSE issued a circular regarding this change on November 29. Monthly contracts for FinNifty, MidCPNifty, and NiftyNext50 will now expire on the last Thursday of the respective month. Similarly, both monthly and quarterly contracts for BankNifty will expire on the last Thursday of the expiry month.
