1. Contactless Card Transaction Limit
The RBI had earlier increased the limit from Rs 2,000 to Rs 5,000 in order to boost the adoption of digital payments.
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2. Mandatory FASTag
FASTag is required for new vehicles as well as vehicles sold after 1 December 2017. It is mandatory to keep a minimum of Rs 150 in your FASTag account.
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3. Updated Driving Licence Must
Those without a valid driving licence will attract a penalty of Rs 5,000 as per the amended Motor Vehicles (MV) Act. The exemption on this rule has been lifted on 1 January.
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4. GST-Registered Small Businesses
Those small businesses with a turnover of up to Rs 5 crore are required to file only four GST sales returns, or GSTR-3B, instead of 12 (as of 2020) from January 2021.
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5. Landline To Mobile Phone Calls
While calling mobile phones from landlines, you will be required to prefix ‘0’. This will be applicable across India.
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6. Saral Life Insurance Policy
The Insurance Regulatory and Development Authority (IRDA) has directed all insurance companies to introduce ‘Saral Life Insurance Policy’ from 1 January. The new policy assures a minimum sum of Rs 5 lakh and a maximum of Rs 25 lakh.
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7. Cars To Become More Expensive
Car market leader Maruti Suzuki India and home-grown Mahindra and Mahindra and MG Motor India have increased prices of its vehicles from 1 January to offset the adverse impact of rising input costs – in the light of COVID-19 pandemic.
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8. Mutual Fund Investment
The Securities and Exchange Board of India (SEBI) has made some changes to the mutual funds’ rules, raising the investment limit in equity to 75 percent from 1 January. Earlier, the investment limit in equity was 65 percent.
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