EPFO, UPI, GST And Visa - All These Things Change From Today
Citizens across will be impacted by several financial and legal developments that take effect on january 1, 2025. The new year may have a big effect on your pocketbook, from modifications to the Unified Payments Interdata-face (UPI) and LPG prices to changes in the Employees' Provident Fund Organization (EPFO) processes. This is a comprehensive summary of all the changes you may anticipate.
EPFO New Rule
Beginning january 1, 2025, EPFO will simplify the pension withdrawal procedure as a component of the central pension payment system (CPPS). The burden of further verification would be removed, allowing pensioners to conveniently take their benefits from any bank in the nation. According to reports, EPFO plans to issue an ATM card shortly that would allow users to take out cash whenever they want. Additionally, it is anticipated that this year will see the removal of the EPF contribution ceiling.
GST
For increased security in the GST system, taxpayers would be required to use multi-factor authentication (MFA). Additionally, only base documents that are no more than 180 days old can create E-Way Bills (EWBs).
UPI & Farmer Loans
According to a recent bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) circular, the transaction limit for UPI 123Pay, a feature that allows phone users to make online payments, will increase as of right now, on january 1, 2025. The earlier cap of Rs 5,000 will be raised to Rs 10,000. The maximum on unsecured loans for farmers has also been increased by the central bank from Rs 1.60 lakh to Rs 2 lakh. With effect from today, this increase is meant to give farmers additional financial support, which might help them make better investments and use better agricultural techniques.
Visa requirements
US Visa Appointment Reschedule:
Starting january 1, 2025, non-immigrant visa applicants in india will benefit from a policy allowing one free rescheduling of their visa appointment. However, any further rescheduling will necessitate a new application and payment of the visa fee, aiming to streamline the process while maintaining discipline in appointment scheduling.
Changes in the H-1B Visa Process:
New rules, effective from january 17, 2025, will modernize the H-1B visa process, making it more flexible for employers and accessible for indian F-1 visa holders.
The cost of LPG
The pattern of price changes for both residential (14 kg) and commercial LPG cylinders (19 kg) in the new year has persisted, despite the lack of an official notice. Commercial cylinder costs have fluctuated somewhat, while home cylinder prices have been steady. Experts predict that both might see price increases.
EPFO New Rule
Beginning january 1, 2025, EPFO will simplify the pension withdrawal procedure as a component of the central pension payment system (CPPS). The burden of further verification would be removed, allowing pensioners to conveniently take their benefits from any bank in the nation. According to reports, EPFO plans to issue an ATM card shortly that would allow users to take out cash whenever they want. Additionally, it is anticipated that this year will see the removal of the EPF contribution ceiling.
GST
For increased security in the GST system, taxpayers would be required to use multi-factor authentication (MFA). Additionally, only base documents that are no more than 180 days old can create E-Way Bills (EWBs).
UPI & Farmer Loans
According to a recent bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) circular, the transaction limit for UPI 123Pay, a feature that allows phone users to make online payments, will increase as of right now, on january 1, 2025. The earlier cap of Rs 5,000 will be raised to Rs 10,000. The maximum on unsecured loans for farmers has also been increased by the central bank from Rs 1.60 lakh to Rs 2 lakh. With effect from today, this increase is meant to give farmers additional financial support, which might help them make better investments and use better agricultural techniques.
Visa requirements
US Visa Appointment Reschedule:
Starting january 1, 2025, non-immigrant visa applicants in india will benefit from a policy allowing one free rescheduling of their visa appointment. However, any further rescheduling will necessitate a new application and payment of the visa fee, aiming to streamline the process while maintaining discipline in appointment scheduling.
Changes in the H-1B Visa Process:
New rules, effective from january 17, 2025, will modernize the H-1B visa process, making it more flexible for employers and accessible for indian F-1 visa holders.
The cost of LPG
The pattern of price changes for both residential (14 kg) and commercial LPG cylinders (19 kg) in the new year has persisted, despite the lack of an official notice. Commercial cylinder costs have fluctuated somewhat, while home cylinder prices have been steady. Experts predict that both might see price increases.