The year 2025 has begun, and along with the New Year celebrations, several important financial changes have come into effect from January 1, 2025. Here are the major updates:
Price Drop for 19 kg LPG Cylinders
The price of 19 kg LPG cylinders has decreased in various cities:
1) In Delhi, the price has dropped to Rs 1804 from Rs 1818.50.
2) In Mumbai, the price is now Rs 1756, down from Rs 1771.
3) In Kolkata, the price has reduced to Rs 1911, down from Rs 1927.
4) In Chennai, the new price is Rs 1966, reduced from Rs 1980.50.
Changes in Fixed Deposit Rules
The Reserve Bank of India (RBI) has updated its rules for premature withdrawal of fixed deposits (FDs) in non-banking financial companies and housing finance firms.
Customers can now withdraw small deposits (up to Rs 10,000) within three months without losing interest. Additionally, FDs can be withdrawn in case of serious illness.
New Airport Lounge Benefits and UPI Updates
1) Starting in 2025, you will receive special facilities at airport lounges if you spend more than the prescribed limit using your RuPay credit card.
2) The UPI payment interface will now also support third-party apps, allowing non-bank agencies to process transactions.
UPI 123Pay Limit Increased
The National Payments Corporation of India (NPCI) has raised the UPI 123Pay transaction limit from Rs 5000 to Rs 10,000.
Prepaid Payment Instruments (PPIs) can now make UPI transactions through third-party mobile apps.
Aviation Fuel Prices Drop
Aviation turbine fuel (ATF) prices have dropped in several cities:
1) In Delhi, ATF is now priced at Rs 90455.47 per kilolitre, down from Rs 81,856.84.
2) In Mumbai, the price is Rs 84,511, reduced from Rs 85,861.
3) In Kolkata, the new price is Rs 93,059.79, down from Rs 94,551.
4) In Chennai, the price is now Rs 93,670, reduced from Rs 95,231.
Changes in Ration Card Rules
Ration cards without e-KYC will be canceled, and only those with e-KYC will be eligible for government food schemes.
Income Tax and Car Price Changes
1) Income Tax changes announced in Budget 2024 will impact tax filings for the financial year 2024-25.
2) Major automobile manufacturers, including Maruti Suzuki, Hyundai, Mahindra, and MG, have announced a 2-4% price hike for their vehicles starting January 1, 2025.
New Reforms for Farmers
The RBI has introduced a scheme allowing farmers to get unsecured loans up to Rs 2 lakh without any guarantee, aiming to improve agricultural productivity and financial stability.
Visa Rule Changes for 2025
Thailand has launched an advanced e-Visa system for Indian travelers, allowing them to apply online.
The USA has updated its visa policy for categories like the H-1B visa, effective from January 17, 2025.
For the UK, Indian applicants will need to show 11% more financial reserves than before.
EPFO Withdrawal via ATM
EPFO members may soon be able to withdraw money directly from ATMs, providing easier access to their funds.
Train Timings Changed
Indian Railways will release a new schedule from January 1, 2025, leading to changes in the timings of some trains.
