Visa, LPG, UPI, Farmer Loans: Key Changes Effective from Today

Several significant regulatory and financial changes will take effect starting January 1, 2025, impacting citizens nationwide. These updates include mandatory Multi-Factor Authentication (MFA) for GST compliance, modifications to US visa appointment rescheduling, adjustments to LPG prices, and simplified EPFO pension withdrawals.

Citizens across the country will need to prepare for these important changes in finance, regulations, and services.

1. EPFO New Rule

From January 1, 2025, the EPFO will simplify pension withdrawals through the introduction of a centralized pension payment system (CPPS). Pensioners will be able to withdraw their pensions from any bank in the country, eliminating the need for additional verification steps.

Additionally, reports state that the EPFO will soon issue ATM cards, allowing subscribers to withdraw funds 24/7. Moreover, the cap on EPF contributions is expected to be removed this year as well.

E-Way Bill Restrictions: The generation of E-Way Bills will be restricted to base documents not older than 180 days. Businesses must align their invoicing and logistics processes with this new rule to avoid disruptions.
 

2. GST Compliance Updates

To enhance security, all taxpayers will be required to use MFA (Multi-factor authentication) when accessing GST portals. This will require updating mobile numbers for OTPs and training employees on the new system.

Furthermore, E-Way Bills (EWBs) can only be generated for base documents that are no older than 180 days.

3. UPI 123Pay Transaction Limit Increased

Effective from January 1, 2025, a recent circular from the Reserve Bank of India ( RBI ) will raise the transaction limit for UPI 123Pay, a service that enables feature phone users to make online payments. The new limit will be Rs 10,000, up from the previous Rs 5,000.

4. Visa Requirements

US Visa Appointment Reschedule: Non-immigrant visa applicants in India will be able to reschedule their appointments free of charge once, effective January 1, 2025. Additional rescheduling will require a reapplication and payment of the fee.

Changes in the H-1B Visa Process: Starting January 17, 2025, new rules will modernize the H-1B visa process, making it more flexible for employers and more accessible for Indian F-1 visa holders.

5. LPG Prices

LPG cylinder prices will be adjusted on January 1, 2025. While specific changes have not yet been confirmed, both domestic and commercial LPG prices are expected to change.

6. Farmer Loan Rules

The Reserve Bank of India has introduced new regulations that will allow farmers to access unguaranteed loans of up to Rs 2 lakh.

These changes will require preparation and adjustment from both individuals and businesses as they navigate the new regulations and financial impacts in the coming year.