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January Financial Changes: The year 2025 has started and on January 1, people are immersed in New Year celebrations. Along with celebrations, it is important for you to know about the financial changes taking place on January 1, 2025. For your information, let us tell you that along with the new year on January 1, 2025, many financial changes have taken place. The major changes taking place in the country from January 1, 2025 are as follows-
Price of 19 kg LPG cylinder reduced
From January 1, 2025, a 19 kg LPG cylinder in Delhi will now cost Rs 1804, which was earlier Rs 1818.50. In Mumbai, the price of 19 kg cylinder came down to Rs 1756, which was earlier Rs 1771. The rate of commercial LPG cylinder in Kolkata has come down to Rs 1911, which was earlier Rs 1927. For commercial LPG in Chennai, you will have to pay Rs 1966, for which earlier you had to pay Rs 1980.50.
RBI’s new rules for premature FD withdrawal
The Reserve Bank of India has changed the fixed deposit rules for non-banking financial companies and housing finance firms. Depositors can withdraw the entire amount of small deposits (up to Rs 10,000) without any interest within three months of deposit. FD holders can withdraw the entire amount in case they are suffering from serious illness.
Facility will be available on spending through credit card in airport lounge
You will also get special facilities in the airport lounge if you spend more than the prescribed limit through RuPay Credit Card. National Payment Corporation of India is going to arrange this from 2025. Similarly, UPI payment interface will now support third party apps i.e. agencies other than the bank.
UPI 123Pay transaction limit increased
National Payments Corporation of India (NPCI) has increased the limit of UPI 123Pay from Rs 5000 to Rs 10,000.
UPI Payment- Prepaid Payment Instrument (PPI) can perform UPI transactions through third party mobile applications.
ATF becomes cheaper for airlines
After a reduction of Rs 1401.37 per kiloliter, the price of aviation turbine fuel in the capital Delhi has now become Rs 90455.47 per kiloliter, which was Rs 81,856.84 per kiloliter last month. The new price of ATF in Mumbai has come down to Rs 84,511, which was earlier Rs 85,861, while in Kolkata, ATF will be available at Rs 93,059.79 per kiloliter, which was earlier Rs 94,551 per kiloliter. The new price of ATF in Chennai has become Rs 93,670 which was earlier Rs 95,231 per kilolitre.
Ration card rules changed
In the new year, ration cards without e-KYC will be canceled and only ration card holders with e-KYC will be able to avail the benefits of the government food scheme.
Changes in income tax rules
Most of the changes in income tax announced in Budget 2024 will be effective from the current financial year 2024-25. Tax deduction deductions and exemptions will also be affected while filing income tax returns in July 2025.
Increase in car prices
Major automobile manufacturers like Maruti Suzuki, Hyundai, Mahindra and MG have announced that they will increase the prices of their vehicles by 2-4% and this has come into effect today from January 1, 2025.
RBI’s farmer loan reforms
On the instructions of RBI to provide loans to farmers and improve agricultural productivity and financial stability, farmers will be eligible for unsecured loans up to Rs 2 lakh without any guarantee.
Changes in visa rules in 2025
Thailand
Thailand will implement an advanced e-Visa system that will allow travelers from across India to apply online through www.thaievisa.go.th.
USA
The United States has announced several changes to its visa policy, including categories like H-1B visas, which come into effect in 2025. Indians will have to file the new version of Form I-129 from January 17, 2025.
UK
Indians planning to apply for a UK visa will need to show at least 11 per cent more financial reserves than the current requirement.
EPFO
For EPF account holders, EPFO members may soon be able to withdraw money directly from ATMs.
Timings of trains changed
Indian Railways will release a new schedule on January 1, 2025 and there will be changes in the timings of some trains.
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