New year, new rules: What all is changing from January 1, 2021

The first year of a new decade, 2021-2030, is round the corner. January 1, 2021, will not just be the beginning of a new year or a new decade, it will also be the beginning of a new month. As is the case with the beginning of every month, a new set of rules will come into effect from January 1, 2021 as well.

Some of the rules that will come into effect are as follows, as reported by Hindustan Times’ sister publication, Hindustan:

1. The “positive pay system”: In September, the Reserve Bank of India (RBI) announced the “positive pay system” for cheques. The State Bank of India (SBI) will roll out this system from January 1, 2021. Under this, reconfirmation of key details will be needed for payments in excess of Rs 50,000. The cheque issuer will have to submit details like date, beneficiary name, payee, amount to the drawee bank etc. electronically, through SMS, mobile banking, internet banking, ATM etc.

2. Prices of gas cylinders to be revised: Oil companies determine prices of Liquefied Petroleum Gas (LPG) cylinders on the first of every month. The prices could be increased, kept unchanged or decreased. In December, the prices were increased on December 3 and, in total, increased twice this month.

3. Saral Jeevan Bima policy: Insurance companies will launch the Saral Jeevan Bima policy which will allow a person to purchase a term plan even at a low premium amount. Companies are introducing this policy as directed by the Insurance Regulatory and Development Authority (IRDA).

4. FASTag to be mandatory: The Union transport ministry has made FASTags mandatory for all four-wheelers. In a bid to encourage digitalisation, the Centre has decided to completely do away with cash transactions at all toll plazas across the country.

5. Transaction limit through contactless cards to be raised: RBI will raise the limit of transactions via contactless cards, using the Unified Payments Interface (UPI) from Rs 2,000 to Rs 5,000.

6. Prefixing zero while dialling from landline to mobile: Zero will have to be prefixed before a mobile number while dialling from a landline phone. The Department of Telecom (DoT) had accepted a proposal from the Telecom Regulatory Authority of India (TRAI) in this regard.

7. WhatsApp to stop working on some smartphones: Smartphones, which have an operating system (OS) older than Android 4.3 or iOS 9, need to be upgraded for WhatsApp to work on these. This is because every year, WhatsApp stops working on outdated Android and iOS smartphones.

8. Cars and electronic appliances to get costlier: Automobile companies will increase car prices while those of TV, refrigerators, washing machines are likely to go up by 10%.

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