LPG Cylinder Prices to Pension: Key Changes Effective from January 1, 2025; What You Need to Know
Discover the major changes taking effect on January 1, 2025, including LPG cylinder price updates, new EPFO pension withdrawal rules, and more. Stay informed and plan ahead!
Discover the major changes taking effect on January 1, 2025, including LPG cylinder price updates, new EPFO pension withdrawal rules, and more. Stay informed and plan ahead!
As the new year approaches, several significant updates will come into effect starting January 1, 2025. From LPG price revisions to new rules for EPFO pensioners, here’s a roundup of the key changes that will impact individuals and businesses alike.
Table of Contents
LPG and Aviation Fuel Price Revisions
- LPG Cylinders: The prices of domestic (14 kg) and commercial (19 kg) LPG cylinders will be revised. While domestic cylinder prices have remained stable, fluctuations in commercial cylinder rates suggest potential price hikes.
- Aviation Fuel: A price revision in aviation fuel could influence airfares, potentially leading to increased travel costs.
EPFO Pension Withdrawal Simplified
EPFO pensioners will now be able to withdraw their pensions from any bank across India without requiring additional verification. This rule aims to streamline pension withdrawals and enhance convenience.
Increased UPI 123Pay Transaction Limit for Feature Phones
Users of basic feature phones will benefit from a higher transaction limit on UPI 123Pay. The limit will increase from ₹5,000 to ₹10,000, enabling smoother high-value transactions for non-smartphone users.
Changes in Stock Market Indices Expiry Dates
- Sensex and Bankex: The expiry dates for Sensex, Sensex-50, and Bankex will shift from Fridays to Tuesdays.
- Quarterly and Half-Yearly Contracts: These will now expire on the last Tuesday of the respective months.
- Nifty 50 Monthly Contracts: The expiry remains unchanged on Thursdays.
Higher Loan Limits for Farmers
Farmers can now avail of loans up to ₹2 lakh without providing collateral, up from the previous limit of ₹1.6 lakh. This change aims to provide greater financial support to the agricultural sector.
Also Read: 15 Bank Holidays in January 2025: A Complete List for Planning Your Banking Tasks
Mandatory Multi-Factor Authentication for GST Portal Access
- Enhanced Security: Businesses will require Multi-Factor Authentication (MFA) to access the GST portal, including OTP verification.
- E-Way Bill Updates: E-Way Bills (EWBs) can only be generated for documents issued within the last 180 days.
- Preparation for Compliance: Businesses must update contact details, train staff, and ensure seamless coordination with supply chains to adapt to this change.
Plan Ahead for 2025
These updates are set to bring changes across multiple sectors. Whether you’re a consumer, farmer, or business owner, staying informed will help you navigate these transitions effectively.
Car Prices to Rise by Up to 3% Starting January 2025
From January 1, 2025, new car prices will increase by up to 3% as major automakers, including Maruti Suzuki, Hyundai, Mahindra, Honda, Mercedes-Benz, Audi, and BMW, adjust for rising production costs. Buyers planning to purchase a vehicle are encouraged to finalize their deals within the next week to avoid the higher rates.
Starting January 1, 2025, several significant changes will come into effect, impacting daily life and various sectors. LPG cylinder prices, both domestic and commercial, are set for revision. While domestic cooking gas prices have remained stable recently, fluctuations in commercial cylinder rates could lead to adjustments. Aviation fuel prices will also be revised, potentially affecting airfare costs. On the financial front, EPFO pensioners will benefit from a new rule allowing them to withdraw pensions from any bank nationwide without additional verification, simplifying the process and ensuring greater accessibility. Similarly, feature phone users will see the UPI 123Pay transaction limit doubled from ₹5,000 to ₹10,000, enabling higher-value transactions.
Additionally, the expiry dates of Sensex, Sensex-50, and Bankex will shift to Tuesdays, aligning quarterly and half-yearly contracts accordingly. Farmers will gain access to loans up to ₹2 lakh without guarantees, enhancing financial support for agriculture. Businesses must adopt Multi-Factor Authentication (MFA) for GST portal access and generate E-Way Bills only for documents issued within 180 days, ensuring better compliance and security. These updates highlight the evolving landscape of India’s economic and regulatory framework.
