- To maintain a review on banking hoaxes, the Reserve Bank of India agreed on to launch the ”positive pay system” for cheque payments.
- In this network, there may be a necessity of re-confirmation of the important features for the payments above Rs 50,000. This regulation of a positive pay system will apply from January 1, 2021.
- The positive pay system facility can be used by the account owners of their preference. Banks may reckon about creating it mandatory for cheques with sums of Rs 5 lakh and above.
2.Contactless card transactions threshold
- From January 1, the RBI has let out to rise the limits from Rs 2,000 to Rs 5,000 for contactless card transactions and e-mandates for yearly happening transactions through cards and UPI. The scheme by RBI is to reinforce 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. Car costs
- ‘Maruti Suzuki’ India and ‘Mahindra and Mahindra’ will heighten automobile rates from January 1 to balance the effect of rising input expenses.
4. WhatsApp to end functioning on some phones
- Well-known messaging service WhatsApp is getting on to discontinue assistance of some platforms from January 1.
- WhatsApp page has spoken of the operating networks that it delivers assistance for and suggests utilizing 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.
5.Landline to Mobile phone calls
- You will be mandated to prefix ‘0’ for making calls from landlines to mobile phones in the country. The telecom bureau has told telcos to function on the necessary infrastructure by January 1 to carry out the new system productively.
- This scheme will generate sufficient numbering space for telecom services.
6. FASTag mandatory for all four-wheeler vehicles
- The Union Ministry of Road Transport and Highways has rendered FASTag necessary for all four-wheel vehicles from January 1, 2021, through an announcement.
- 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. UPI Payment
- From January 1, 2021, the users may require to spend extra charges while formulating transactions from Amazon Pay, Google Pay, and Phone Pay.
- National Payments Corporation of India (NPCI) will inflict an extra charge on UPI Payment Service (UPI Payment) operated by a third-party app starting up from January 1.
- NPCI has attributed a 30 percent cap on third-party apps commencing the upcoming year. Paytm will also have to reimburse this charge.
8.Google Pay web app
- Google Pay is all arranged to slay the user to user payments facility on its web app and put in a surcharge for instant money transfers in January. So far, the customers were eligible to organize payments and send money over the mobile app or from pay.google.com.
- As per the new statement of Google, the web app site will no longer function from January 2021.
9. LPG rates
- On the very first day of every month, the oil trade companies adjust the rates of LPG based on crude rates in the international markets.
10. GST-registered small businesses
- The enterprises with a turnover of up to Rs 5 crores will be obligated to document only 4 GST sales returns, or GSTR-3B, rather than 12 (now) from January, according to PTI. This transformation would influence about 94 lakh taxpayers, i.e. almost 92 per cent of the whole GST tax core.
Forthwith, minor taxpayers would be documenting only eight returns (four GSTR-3B and four