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Digital payments to mandatory FASTag, here are some rules set to change from January 1, 2021; know these

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Every month we see some rules pertaining to cheque clearing, UPI cost, GST, FasTags, WhatsApp amongst others change. These adjustments impression a standard man’s life and his/her funds. This time, it isn’t solely a brand new month within the offing but in addition a brand new yr.

Let us check out and change into conscious of the adjustments that are going to come into impact from January 1, 2021:

Additional cost on UPI cost

The National Payments Council of India (NPCI) has reportedly determined to impose an extra cost on UPI cost providers, for third party-app suppliers from January 1, 2021. This means you can be required to pay further costs on UPI transactions executed on third-party service suppliers comparable to Amazon pay, Google Pay and Phone Pay.

Positive Pay mechanism for cheques

The Reserve Bank of India (RBI) had in August 2020 introduced {that a} Positive Pay System for cheque clearing can be launched from January 1, 2021. As per the brand new cheque clearing rules, re-confirmation of key particulars could also be wanted for payments past Rs 50,000 to maintain a examine on frauds and abuse circumstances rising from cheque payments. 

FASTag will probably be mandatory for all autos

FASTag will probably be mandatory for autos from January 1, 2021. For the uninitiated, FASTags facilitate digital cost of price at toll plazas. Introduced in 2016, the obligatory use of these tags will assist autos go with none hitch by means of the toll plazas, stopping lengthy queues.

The Ministry of Road Transport and Highways stated in an announcement that  FASTag is being made mandatory for all autos within the nation from the brand new yr.

Increase in contactless card transaction restrict

The RBI had earlier introduced a rise within the restrict of contactless card transactions from Rs 2,000 to Rs 5,000 so as to increase the adoption of digital payments. This will probably be efficient from January 1, 2021.

WhatsApp to cease engaged on some gadgets

There is dangerous information for some iOS and Android telephone customers as a result of come 2021 WhatsApp will finish help for some of the gadgets. WhatsApp will primarily finish help for smartphones that are utilizing outdated working techniques like these beneath iOS 9 or Android 4.0.3 working techniques. According to stories, the iPhones that don’t run on iOS 9 won’t ready use to WhatsApp on their telephones from 2021. The iPhone fashions embody all iPhone 4 and earlier fashions. However, you probably have iPhone 4S, iPhone 5, iPhone 5S, iPhone 5C, iPhone 6, and that iPhone 6S, you should have to replace your telephone to iOS 9 or later if you need to proceed utilizing WhatsApp. The iPhone 6S, 6 Plus, and that iPhone SE first technology might be up to date to iOS 14.

Similarly, Android telephones that wouldn’t have no less than Android 4.0.3 will lose entry to WhatsApp. This contains fashions like HTC Desire, LG Optimus Black, Motorola Droid Razr, the Samsung Galaxy S2. There might be many different Android telephones that would lose help for WhatsApp in 2021.

Car costs set to rise

Buying a brand new automobile might change into a expensive affair in 2021 as automobile producers comparable to Maruti Suzuki India and Mahindra & Mahindra have introduced to hike the costs of their merchandise to offset greater enter prices.

GST rule change for small companies

From January 1, 2021, companies with up to Rs 5 crore turnover can have to file solely 4 GST gross sales returns, or GSTR-3B, as an alternative of 12 at current. This means with impact from January 1, small companies are required to file solely eight returns (4 GSTR-3B and 4 GSTR-1 returns) in a yr. This new scheme will impression virtually 92 per cent of the entire tax base.

945974 upi payments

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