Many rules have changed since 1 January 2021
Loads of convention come up with tainted since 1 January 2021, which will straightforwardly change the everyday man. set of laws ranging from inspection payments to UPI payment system and GST proceeds are to be changed.
Check Payment System – From January 1, 2021, the convention re repress payment will change. Through affirmative disburse System, Rs. approximately central in order will comprise to be re-confirmed on payment of Rs 50,000 or more. However, it will be up to the savings account pocket whether he gets this competence or not. The self issuing the safety check may grant this in rank through electronic channel such as SMS, mobile application, internet banking or ATM.
Contactless license Transactions – The set aside incline of India (RBI) has greater than before the contactless certificate payment reduce from Rs 2,000 to Rs 5,000. It will appropriate get done on January 1, 2021. No hardship to insert jam for payment up to Rs.5000 by subtract and character card.
From today, 1 January 2021, lots of convention are on offer to change, that includes mandatory FASTags for the entire four-wheelers across India. implementation of new cheque payment system to control banking frauds, and new fashion of cargo and air force challenge (GST) take back filing provision for undersized businesses. So, before the new policy turn over out, it is of great consequence to grasp them in advance.
1) ‘Positive Pay’ system for cheques
The Reserve Bank of India (RBI) has certain to lead into the ‘positive recompense system’ for cheque from 1 January 2021. Under the new imperative re-confirmation of important information may be required for payments beyond ₹50,000. The notion of clear salary involves a method of reconfirming source minutiae of considerable use cheques – such as the cheque number, cheque date, payee name, description integer and amount.
2) Contactless license transaction constraint increased
The formality have an account of India (RBI) has enhanced confines for contactless license payments from ₹2,000 to ₹5,000. This will be efficient from 1 January 2021 and will be at the discretion of the user. The progress by RBI is to enhance digital payment. This will make certain a cautious and make fast manner, markedly during the Covid-19 pandemic.
UPI payments will cash – from 1 January 2021, payments through UPI will be extra expensive. Has announced an bonus amount owing on an app hutch by a third party. This result has been full by the state-owned Payment Corporation of India (NPCI).
convention distorted for mutual stock reserves – SEBI has misrepresented the policy for multicap mutual funds. Under the new rules, 75 percent of the cash will at the present comprise to be invested in equities, which is at this time at slightest 65 percent. The makeup of multi-cap money will alteration as for each the new convention of SEBI.