Many rules have changed since 1 January 2021, which will directly affect the common man. Rules ranging from check payments to UPI payment system and GST returns are to be changed.
Check Payment System – From January 1, 2021, the rules regarding check payment will change. Through Positive Pay System, Rs. Some important information will need to be re-confirmed on payment of Rs 50,000 or more. However, it will be up to the account holder whether he gets this facility or not. The person issuing the check may provide this information through electronic means like SMS, mobile application, internet banking or ATM.
Contactless Card Transactions – The Reserve Bank of India (RBI) has increased the contactless card payment limit from Rs 2,000 to Rs 5,000. It will take effect on January 1, 2021. No need to enter PIN for payment up to Rs.5000 by debit and credit card.
From today, 1 January 2021, many rules are getting to change, that has mandatory FASTags for all four-wheelers across India. implementation of latest cheque payment system to curb banking frauds, and new mode of products and Services Tax (GST) return filing facility for little businesses. So, before the new rules roll out, it’s important to understand them beforehand .
1) ‘Positive Pay’ system for cheques
Pay involves a process of reconfirming key details of huge value cheques – like the cheque number, cheque date, payee name, account number and amount.
2) Contactless card transaction limit increased
The Federal Reserve Bank of India (RBI) has enhanced limits for contactless card payments from ₹2,000 to ₹5,000. This will be effective from 1 January 2021 and can be at the discretion of the user. The move by RBI is to reinforce digital payment. This will ensure a secure and secure manner, especially during the Covid-19 pandemic.
UPI payments will change – from 1 January 2021, payments through UPI will be more expensive. Has announced an additional charge on an app run by a third party. This decision has been taken by the National Payment Corporation of India (NPCI).