MOST IMPORTANT NEWS: Rules to change January 2021 There will be a direct impact on personal finance, see the complete list here

Rules to change January 2021: Government, RBI has several times advised people to make digital and contactless payments.

Contactless card payment is also a medium for contactless payment. To further improve the contactless card payment, the MPC met, in which the limit of contactless card transactions has been increased to Rs 5000 per transaction.

New Delhi: From the beginning of new year i.e. 1 January 2021, many new rules will come into force, which will directly affect the common man’s pockets. Yes, many rules related to payment are going to change in the new year. Please tell that from January 1, new rules related to check payment, fastag, digital payment, GST are going to be implemented. Let’s know what these new rules will be…

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Contactless card transaction limit will increase from new year

As in the corona epidemic in the country most people are using digital payment. In view of this trend, the government, RBI has advised people to make digital and contactless payments several times. Contactless card payment is also a medium for contactless payment. To further improve the contactless card payment, the MPC met, in which the limit of contactless card transactions has been increased to Rs 5000 per transaction. Currently its limit is Rs 2000. This increased limit of contactless card transactions will be implemented from 1 January 2021.

Positive pay system will be applicable from 1 January

Let us tell you that the new rules related to check payments are going to be implemented from January 1, 2021. According to the information, for checks paying more than Rs 50,000, the RBI decided to implement a positive pay system. According to this new rule, the required details on payments above Rs 50,000 will need to be reconfigured. The purpose of enforcing this rule is to curb fraud by means of a. The Governor of RBI announced this in the meeting of the Monetary Policy Committee i.e. MPC in August.

Fastag must be mandatory

As already, the central government has made FASTAG mandatory for all four wheeler trains from 1 January. One can get fasttag facility immediately by showing the RC and driving license or Aadhaar card of his vehicle.

GST will implement this new rule from January 1

Let us tell you that in the meeting held on October 5, the GST Council had said that registered people with business up to Rs 5 crore will be allowed to file their returns on quarterly basis and pay taxes on monthly basis from January 1, 2021. This will provide relief to 94 lakh small traders. Taxpayers whose annual turnover has been up to Rs 5 crore in the last financial year and who have submitted their October GSTR-3B (sales) returns till November 30, 2020 are eligible for the scheme.