To keep a check on banking
frauds, the Reserve Bank of India decided to introduce the ''positive pay system''
for cheque payments. In this system, there may be a requirement of
re-confirmation of the key details for the payments above Rs 50,000. This rule
of a positive pay system will come into effect from January 1, 2021. The
positive pay system facility can be availed by the account holders of their
choice. Banks may think about making it necessary for cheques with amounts of
Rs 5 lakh and higher.
2. Contactless Card Transactions Limit
From January 1, the RBI has
said to increase the limits from Rs 2,000 to Rs 5,000 for contactless card
transactions and e-mandates for regularly occurring transactions through cards
and UPI. The move by RBI is to enhance digital payment. This will ensure a safe
and secure manner, especially during the Covid-19 pandemic. RBI Governor
Shaktikanta Das has said that this will depend on the mandate and discretion of
customers.
3. GST Registered Small Business
The businesses with a
turnover of up to Rs 5 crores will require to file only 4 GST sales returns, or
GSTR-3B, instead of 12 (now) from January, as per PTI. This change would impact
about 94 lakh taxpayers, i.e. about 92 per cent of the entire GST tax base.
Now, small taxpayers would be filing only eight returns (four GSTR-3B and four
GSTR-1 returns) yearly.
4. Google Pay Web App
Google Pay is all set to
kill the user to user payments facility on its web app and add a fee for
instant money transfers in January. Till now, the customers were able to manage
payments and send money over the mobile app or from pay.google.com. According
to the recent notification of Google, the web app site will no longer work from
January 2021.
"These charges and
fees are specific to the US and do not apply to the Google Pay or Google Pay
for Business apps in India," Google said in an official statement.
5. UPI Payment
Users might be required to
pay additional charges on transactions from Amazon Pay, Google Pay and Phone
Pay. NPCI has reportedly decided to impose additional charge on UPI Payment
Service (UPI Payment) run by third party app providers from January 1. NPCI has
imposed a 30 percent cap on third party apps starting the New year. Though
Paytm will be required to pay this charge, it has been reported.
6. FASTag for all Four-Wheelers
The Union Ministry of Road
Transport and Highways has made FASTag mandatory for all four-wheel vehicles
from January 1, 2021, through a notification. FASTag will be mandatory for M
and N class four-wheelers sold before December 1, 2017. The Central Motor
Vehicles Rules, 1989 were also amended for the same. The notification regarding
this was issued on November 6, 2020.
7. Landline to Mobile Phone Calls
You will be required to
prefix '0' for making calls from landlines to mobile phones in the country. The
telecom department has asked telcos to work on the required infrastructure by
January 1 in order to implement the new system effectively. This move will
create enough numbering space for telecom services.
8. WhatsApp to stop working on select phones
Famous messaging service
WhatsApp is going to withdraw support from some platforms from January 1.
WhatsApp page has mentioned the operating systems that it provides support for
and recommends using these devices: Android running OS 4.0.3 and newer; iPhone
running iOS 9 and newer; and select phones running KaiOS 2.5.1 newer, including
JioPhone and JioPhone 2.
9. LPG Cylinder Prices
Oil marketing companies
revise the prices of LPG on the first day of every month depending on the crude
rates in the international markets.
10. Car Prices
Car market leader Maruti Suzuki India and home grown Mahindra and Mahindra will increase prices of its vehicles from January 1 to offset the adverse impact of rising input costs.
Disclaimer: The article is based on the relevant provisions and as per the information existing at the time of the preparation. In no event i shall be liable for any direct and indirect result from this article. This is only a knowledge sharing initiative.
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