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Below is a list of things that you need to look out for this New Year.
WhatsApp to stop working on certain phones.
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FasTag mandatory for all four-wheelers
The Union Ministry of Road Transport and Highways issued mandatory FASTags for four-wheelers which will come into effect from January 1, 2021. It has become mandatory for M and N class four-wheelers sold before December 1, 2017. FASTag allows for automatic deduction of toll charges at a toll plaza, resulting in no more cash transaction.
Landline to mobile phonecalls
Callers will soon have to add “0” prefix while dialing numbers from landlines to mobile phones in the country. The communications ministry announced that the move would free up sufficient numbering resources for future use. The Telecom department has asked Telecos to make necessary arrangements by January 1 for the implementation of the new system.
RBI’s contactless card transaction
The Reserve Bank of India (RBI) announced few measures including the limits for contactless card transactions and e-mandates for recurring transactions through cards and UPI have been enhanced from Rs. 2000 to Rs. 5000. RBI Governor, Shaktikanta Das said that the move is aimed to expand adoption of digital payment during the pandemic.
Cheque payment system
To check bank fraud, the RBI has decided to introduce the “positive pay system” for cheques under which re-confirmation of key details may be needed for payments beyond Rs 50,000. It is all set for implementation from January 1,2021. Availing of this facility is at discretion of the account holder and banks may make this mandatory for cheques above Rs 5 lacs.
Car and two-wheeler price hike
As per reports, car companies like Maruti Suzuki, MG Motor India, Renault, Mahindra & Mahindra, and two-wheeler company Hero MotoCorp will increase prices of their vehicles from January 1, 2021.
GST Registered small businesses
As per reports, businesses with upto Rs 5 crore turnover will have to file only four GST returns starting January instead of 12 at present, which is on quarterly basis and not monthly.