Citizens will notice changes in the Employee Provident Fund Organisation (EPFO) processes and alterations to the Unified Payment Interface (UPI), which will impact people’s finances.
People will witness many changes in services related to regulatory bodies and financial systems, such as EPFO, UPI, Visa, and GST from January 1, 2025.
Citizens will notice changes in the Employee Provident Fund Organisation (EPFO) processes and alterations to the Unified Payment Interface (UPI), which will impact people’s finances.
Here’s the list of changes that will take effect from January 1, 2025-
EPFO
It is being reportedly said that the EPFO is all set to make changes in the pension withdrawal process from January 1 after making it part of the Centralised Pension Payment System (CPPS). Now a citizen can withdraw his or her pension from any bank without going through a hassle-free pension.
It is also worth mentioning here that the EPFO may soon release an ATM so the beneficiary can withdraw the money at any time in 24 hours. Above all, the EPFO may remove the cap this year too.
GST-
Keeping in mind for better security for the taxpayer on the GST website, the multi-factor authentication will be made compulsory. Beside this, E-Bills can only be generated for base documents and it should not be older than 180 days.
UPI and farmer loans
According to a recent circular by the Reserve Bank of India (RBI), from January 1, the UPI 123 Pay is going to observe an increase in the transaction limit from Rs 5000 to Rs 10000.
Apart from this, the central bank has raised the limit for farmer loans to Rs 2 lakh from Rs 1.60 lakh.
Visa
Rescheduling of Visa appointment
Non-immigrant visa applicants for the United States will get the advantage of one-free rescheduling of their visa appointment from January 1, 2025.
Changes in H1-B Visa
As per new norms from January 15, 2025, The H1-B visa process will become more flexible for employers and it would be accessible for F-1 visa holders.
LPG Pricing
The Centre is going to reduce the prices of commercial LPG from Rs 1818.50 to Rs 1804 across the country.
