As 2024 bows out and 2025, several major changes related to personal finance and banking are coming into effect from January 1, 2025, including new prices for cooking gas, new features for UPI users, and new facilities for EPFO members. Let us take a look at some of the key changes that will affect every common citizen.
LPG prices
The government revises the prices of LPG cylinders at the beginning of every month, and the prices of 19 kg commercial LPG cylinders have fluctuated in the past few days, even as the price of 14kg subsidized LPGcylindersr has remained stable for a long period. It is expected that the prices of LPcylinderser will be revised at the start the of new year.
ATM facility for EPFO members
Over 7 crore employees who are registered with the Employees’ Provident Fund Organization (EPFO), may get a special gift in the new year as the central government is working on enabling the facility to withdraw provident funds from a regular debit card.
In an earlier statement, a senior official of the Union Ministry of Labor and Employment said the government was in the process of enhancing its IT system to provide better services to the country’s workforce. “We are improving the IT system of our PF provision. Even before this, we have seen many improvements, which have increased the speed of claims and self-claims,” Labor Secretary Sumitra Dawra said.
She said that EPFO members can expect major improvements from next year, including the facility to withdraw PF from any ATM in the country.
UPI limit enhanced for feature phones
The Reserve Bank of India (RBI) recently extended the UPI facility to feature phones that lack internet capabilities. The UPI 123Pay facility enables feature phone users to make payments of up to Rs 5,000 via UPI, but the limit has now been extended to up to Rs 10,000, and changes will come into effect from January 1, 2025.
NSE contracts to expire
The National Stock Exchange (NSE) recently announced the expiry date of its contracts. In its circular issued on November 29, 2024, NSE informed that its monthly of FinNifty, MidCPNifty and NiftyNext50 will expire on the last Thursday of the respective month, while the monthly and quarterly contracts of BankNifty will also expire on the last Thursday of the expiry month.
The changes will come into effect from January 1, 2025.
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