9 big changes will be implemented from January 1, 2025! Know what will be new in UPI, EPFO, GST and stock market
The new year 2025 is starting with many important changes. These changes will not only affect our daily lives but will also have a big impact on the financial and business sectors. These changes include new limits for UPI 123Pay, reforms in EPFO rules, security measures on the GST portal, and changes in stock market rules.
These changes are aimed at promoting financial inclusion, making services more accessible and strengthening security. Let’s understand these changes in detail and see how they will affect your daily life and financial matters.
Major changes to be implemented from January 1, 2025
Here is a brief description of the major changes that will come into effect in the new year:
| shift | Description |
| New limit of UPI 123Pay | Transaction limit increased from ₹5,000 to ₹10,000 |
| EPFO Pension Withdrawal | Pension withdrawal facility from any bank |
| GST Portal Security | Multi-Factor Authentication (MFA) Mandatory |
| LPG Cylinder Price | Possible price revision |
| Stock Market Rules | Change in maturity date of derivatives |
| Farmer Loan Limit | Loan limit without guarantee increased to ₹2 lakh |
| EPF Fund Withdrawal | Fund withdrawal facility through ATM |
| Mobile data charges | Potential growth |
| Bank Holidays | Uncertainty over bank holiday on 1 January |
Table of Contents
1. New limit of UPI 123Pay
The transaction limit through UPI 123Pay has been increased from ₹5,000 to ₹10,000. This change will make financial transactions more accessible to feature phone users. This will promote digital payments and improve financial inclusion in rural areas.
2. Improvement in EPFO pension withdrawal process
EPFO pensioners can now withdraw their pension from any bank. This change will eliminate the need for additional verification, making it easier for pensioners to receive their pension. This facility will be especially beneficial for those who live away from their parent bank.
3. MFA mandatory on GST portal
Multi-factor authentication (MFA) has been made mandatory to enhance security on the GST portal. This move will strengthen the security of online transactions and data. Businesses and taxpayers will have to adopt additional security measures for their GST accounts.
4. Revision in LPG cylinder prices
LPG cylinder prices will be revised, which may affect the household budget. However, the government has not announced any major changes yet. Consumers are advised to pay attention to the official notifications.
5. Changes in the rules of the stock market
The Bombay Stock Exchange (BSE) has changed the expiry date of derivatives from Friday to Tuesday. This change is significant for traders and investors and they will have to adjust their strategies accordingly.
6. Increase in loan limit for farmers
The loan limit without guarantee for farmers has been increased from ₹ 1.6 lakh to ₹ 2 lakh. This increase has been made to boost the agriculture sector and provide more financial assistance to farmers.
7. ATM facility for EPF funds
EPF account holders can now withdraw their funds through ATM. This facility will provide EPF members quick and easy access to their funds. However, this facility will require a special ATM card.
8. Possible increase in mobile data charges
Companies like Jio, Airtel and Vodafone may increase their data charges. Consumers are advised to review their mobile data expenses and plan accordingly according to their budget.
9. Uncertainty of bank holidays
There is confusion regarding the bank holiday on 1 January 2025. Customers are advised to confirm with their respective banks and do the necessary transactions in advance.
The impact of these changes
These changes will have a wide-reaching impact on various sectors:
- Financial Inclusion: Increased limit for UPI 123Pay and ATM facility for EPF funds will increase access to digital transactions and financial services.
- Agriculture Sector: Increased loan limit for farmers will give a boost to the agriculture sector.
- Security: The mandatory use of MFA on the GST portal will enhance the security of online transactions.
- Stock Market: Change in expiry date of derivatives will force traders and investors to change their strategies.
Tips for consumers
In light of these changes, consumers should take the following steps:
- Be aware of your UPI and digital payments limits.
- Set up MFA on the GST portal and keep your login credentials safe.
- Be prepared for possible changes in LPG prices and plan your budget.
- Take advantage of new features related to EPF account.
- Compare mobile data plans and choose the one that best suits your usage.
conclusion
These changes, which will come into effect from January 1, 2025, will have a significant impact on India’s economy and the daily lives of citizens. These changes are a step towards strengthening digital payments, financial security and the agricultural sector. Citizens should be aware of these changes and adjust their financial decisions accordingly.
Disclaimer
This article is for informational purposes only. Although we have tried to provide accurate information, rules and policies may change at the last minute. Readers are advised to consult the relevant authorities or experts before making any financial decisions. The author or publisher will not be responsible for any action taken based on the information provided in the article.
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