New Delhi: January 1, 2025, will mark a change in the prices fo certain goods and services as well as important financial rule changes. Typically, the first and 15th day of every month marks a revision in LPG prices. However, January 1, 2025, will also bring in changes in key government schemes as well as the savings of salaried in the form of EPFO rules.
Check below for greater insight into the key upcoming financial changes from January 1, 2024.
Jet fuel prices
Aviation fuel prices are revised on the first date of every month by oil marketing companies. ATF or air turbine fuel makes up a major chunk of the air ticket cost. OMCs hiked ATF prices by Rs 1,318.12 per kilolitre on December 1, 2024.
Similarly, ATF prices rose over 3 per cent in Delhi and Mumbai in November 2024.
LPG cylinder price revision
While the Centre has capped domestic LPG cylinder prices at Rs 803 per 14 kg cylinder, commercial LPG cylinder prices have been hiked by OMCs in consecutive months. The price of 19 kg commercial LPG cylinders was hiked by Rs 15.5-16.5 per cylinder on December 1, 2024. Commercial LPG prices have risen Rs 173 per cylinder in the past 5 months. These hikes may make eating out a costlier affair.
Collateral-free agri loans
Those from the farming community will be in for a bonanza as the Central Cabinet cleared an outlay for collateral-free loans to the farming community. From January 1, 2024, farmers can pick collateral-free loans up to Rs 2 lakh, compared to Rs 1.6 lakh cap issued earlier. These loans are expected to support farmers’ credit needs during the agricultural season.
Share market expiry rule change
From January 1, 2024, the share market expiry rule for the BSE Sensex, Sensex 50 and Bankex indices will change, with the expiry set to kick in on Tuesday from this date. Earlier, the expiry for these indices kicked in on Fridays. This rule applies to quarterly and half-yearly contracts on the last Tuesday of the month concerned. Nifty50 monthly contract expiry has been shifted to Thursdays under the new rule.
UPI 123Pay transaction limit
According to an RBI notification, from January 1, 2025, UPI 123Pay users will be able to make higher-value online payments using feature phones. RBI has raised the limit to Rs 10,000 from Rs 5,000 earlier for these transactions.
EPFO pension rule change
EPFO pensioners will be able to withdraw their pension from any bank in India. This is aimed at facilitating the ease of withdrawal for pensioners. Further, pensioners will not be required to furnish any additional verification for withdrawal.
GST rule changes
Businesses will be required to adopt multi-factor authentication from January 2025 to access the GST portal. This is an enhanced security feature which involves additional verification using a one-time password or OTP. Further, companies will be able to issue E-way bills only for transactions made in the past 180 days. Companies are required to update their contact details in preparation for these changes.
From taxpayers to homemakers, everyone’s monthly budget is likely to undergo a change from January 1, 2025, with the change in prices of important goods and services from January 1, 2025. Know more Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
