Rules Changing From January 1, 2020: Everything You Need To Know


Rules Changing From January 1, 2020: Everything You Need To Know

INTRODUCTION

• With this lockdown, there have been a number of changes in everyone's lifestyle. As per the situation, there must be updated done accordingly.

• Put forward is a list of new rules that will be in function from January 1, 2020

• Note that it is very important for you to know about this because most of it involves money – and you certainly do not want to make any mistake in this one, right?

• With the rise in the crime rates, the government has tried to take a few measures that will help the number of cyber crimes and money theft reduce.

• Some companies have faced a lot of issues during the lockdown. In order to cope with the problems, they have also taken some measures.

CHEQUE PAYMENTS AND CONTACTLESS CARD TRANSACTIONS LIMIT

• For the cheque payment 'positive pay system', there may be a requirement of re-confirmation of the key details for the payments above Rs 50,000.

• The positive pay system facility can be availed by the account holders of their choice. Banks may think about making it necessary for cheques with amounts of Rs 5 lakh and higher.

• From January 1, the RBI has said to increase the limits from Rs 2,000 to Rs 5,000 for contactless card transactions and e-mandates for regularly occurring transactions through cards and UPI. The move by RBI is to enhance 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.

CAR PRICES AND FASTAG FOR ALL FOUR-WHEELERS

• 'Maruti Suzuki' India and 'Mahindra and Mahindra' will increase vehicle prices from January 1 to cope up with the impact of increasing input costs.

• The Union Ministry of Road Transport and Highways has made FASTag mandatory for all four-wheel vehicles from January 1, 2021, through a notification. 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.

WHATSAPP TO STOP WORKING ON SELECTED PHONES AND LANDLINE TO MOBILE PHONE CALLS

• Famous messaging service WhatsApp is going to withdraw support from some platforms from January 1.

• WhatsApp page has mentioned the operating systems that it provides support for and recommends using 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.

• Callers will soon be required to add '0' prefix for making calls from landlines to mobile phones in the country, with the telecom department asking telcos to make necessary arrangements by January 1 to implement the new system. The department has accepted sectoral regulator Trai's recommendation for having the '0' prefix for such calls, a move that will create sufficient numbering space for telecom services.

GOOGLE PAY WEB APP

• Google Pay is all set to kill the user to user payments facility on its web app and add a fee for instant money transfers in January.

• Till now, the customers were able to manage payments and send money over the mobile app or from pay.google.com.

• According to the recent notification of Google, the web app site will no longer work from January 2021.

LPG CYLINDER PRICES

• Oil marketing companies revise the prices of LPG on the first day of every month depending on the crude rates in the international markets.

• This was a total unexpected change, but is one of the changes that is the need of the hour.

GST-REGISTERED SMALL BUSINESS

• The businesses with a turnover of up to Rs 5 crores will require to file only 4 GST sales returns, or GSTR-3B, instead of 12 ( now) from January, as per PTI.

• This change would impact about 94 lakh taxpayers, i.e. about 92 percent of the entire GST tax base. Now, small taxpayers would be filing only eight returns (four GSTR-3B and four GSTR-1 returns) yearly.

DO YOU THINK THIS CHANGE WILL HELP THE COMPANIES AND THE GOVERNMENT ACHIEVE WHAT THEY HAVE IN MIND?

MENTION YOUR VIEWS IN THE COMMENTS SECTION BELOW!

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