The rules for your daily life are about to change from the beginning of the New Year, to January 1, 2021. The rules for check payments vary from January 1.
Under this, Positive Payment Scheme (Positive Payment System) will be applicable for checks paid in excess of Rs 50,000. The Reserve Bank of India (RBI) has taken this important step to curb the fastest growing banking fraud in the country.
In addition, the price of cylinders will change from January 1. However, LPG prices have almost doubled in December, and now it remains to be seen whether oil companies will increase the price of cylinders in the new year. Let’s learn about these rules.
A positive pay system applies
A positive pay system is an automated tool that checks fraud by checking it out. Under this, the person issuing the check must re-notify the check date electronically.
The beneficiary’s name. the recipient’s name and the amount of the payment. The check issuer may provide this information via electronic means such as SMS, mobile application, internet banking or ATMs. After this, these details will be cross-checked before the check is paid.
If there is any irregularity in the check, payment is not made and the bank branch is informed about it. Banks apply the new rule to account holders in the case of all payments of Rs 50,000 and above.
Terms of payment by check will vary from January 1, this new arrangement applies
Cylinder prices vary: Oil companies set LPG cylinder prices on the first of each month. That is, the price of cylinders has changed since January 1. But instead of raising prices on December 1, oil companies have increased prices on December 3.
So far, LPG prices have more than doubled in December. Companies have increased the price of cylinders by 100 percent this month. It remains to be seen whether oil companies will increase cylinder prices in the new year.
Term plan policy is available at a lower premium: From the New Year, from January 1, you will be able to purchase a simple life insurance (standard term plan) policy for a lower premium.
Indian insurance regulator IRDA has directed insurance companies to introduce a standard term life insurance after introducing a standard health insurance plan called ‘Sanjeevani’. Following the same instructions, insurance companies will launch a simple life insurance policy starting January 1.
Under the new insurance plan, you will have the option of buying the term plan for a lower premium. Also, the terms and cover amount are the same in all insurance companies policy.
The method of filing GST returns varies: The Government has introduced a quarterly Income and Monthly Tax Payment (QRMP) scheme for small taxpayers under the Goods and Services Tax (GST) system.
Annual turnover in the last financial year was Rs 5 crore. And taxpayers who file their October GSTR-3B (sales) return until October 30, 2020, are eligible for this plan.
At its meeting on October 5, the GST Council said it would allow registered people with a turnover of Rs 5 crore to file returns on a quarterly basis and pay the tax on a monthly basis starting January 1, 2021.
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