Starting January 1, 2025, several regulatory and financial changes will take effect, impacting citizens across the country. These changes range from updates in Employees’ Provident Fund Organisation (EPFO) procedures to adjustments in LPG pricing and the Unified Payments Interface (UPI). Here’s a comprehensive list of what to expect:
EPFO New Rules
EPFO will streamline the pension withdrawal process as part of the Centralised Pension Payment System (CPPS). Pensioners will now have the convenience of withdrawing their pensions from any bank nationwide, eliminating the need for additional verification.
Reports indicate that EPFO will soon issue an ATM card, enabling subscribers to withdraw money 24/7. Additionally, the EPF contribution cap is expected to be removed during the year.
GST Updates
Multi-factor authentication (MFA) will become mandatory for taxpayers for enhanced security on the GST portal. Furthermore, E-Way Bills (EWBs) can only be generated for base documents not older than 180 days.
UPI and Farmer Loans
As per a recent circular by the Reserve Bank of India (RBI):
- The transaction limit for UPI 123Pay, which allows feature phone users to make online payments, will increase to Rs 10,000, up from Rs 5,000.
- The cap on unsecured loans for farmers will rise from Rs 1.60 lakh to Rs 2 lakh. This change is aimed at providing more financial support to farmers for improved agricultural practices and investments.
Visa Requirements
US Visa Appointment Reschedule
Starting January 1, 2025, non-immigrant visa applicants in India will benefit from a policy allowing one free rescheduling of their visa appointment.
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Any additional rescheduling will require a new application and payment of the visa fee, streamlining the process while ensuring discipline in appointment scheduling.
Changes in the H-1B Visa Process
Effective January 17, 2025, new rules will modernize the H-1B visa process, making it more flexible for employers and more accessible for Indian F-1 visa holders.
LPG Pricing
Although no official announcement has been made, trends suggest potential price changes for both domestic (14 kg) and commercial (19 kg) LPG cylinders in the new year. While domestic cylinder prices have been stable, commercial cylinder prices have shown volatility. Experts anticipate a possible price hike for both.
