From LPG to PF: Key Rule Changes Taking Effect on January 1, 2025

From LPG to PF: With just a few days until 2024 wraps up and 2025 begins, preparations are already underway to welcome the new year. One of the important things that will change in the country starting January 1, 2025, is the fact that the implementation of several rule changes will coincide with the new year. For example: LPG prices will be changed, even as the EPFO will have some of its regulations altered.

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Into the spotlight, then, are these new changes and their likely implications: Early January every year is usually time for the government to juggle its LPG prices. So much has happened to the price of the 19 kg cylinders for commercial LPG. In fact, the 14 kg domestic cylinder price has remained stagnant for such a long time. Thus, expectations are that there will be another change in price for LPG cylinders within this month.

At least, PF accountholders may be able to enjoy a significant benefit during early 2025: they can now withdraw their funds from ATMs. The Labor Ministry is developing this feature as part of the IT system development. Recently, Labor Secretary Sumita Dawra mentioned that the Ministry of Labour and Employment is working on making the online services for PF withdrawal more efficient and providing better services through technological initiatives.

RBI has recently announced that, starting from January 1, 2025, UPI payments up to Rs 10,000 can be made using UPI 123Pay through feature phones. Prior units fulfilled a maximum transaction limit of Rs 5,000 to perform such transactions.

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The other announcement from the Reserve Bank of India, which will also come as a boost to farmers, is that unsecured loans have been raised to Rs 2 lakh. These rules will come into effect from 1 January 2025 and include an increase from the previous limit of Rs 1.60 lakh.

The National Stock Exchange (NSE) has announced the change of expiry day for its contracts from 1 January 2025. This was contained in a circular to that effect issued by the NSE on November 29. All these monthly contracts on FinNifty, MidCPNifty, and NiftyNext50 will be due for expiry on the last Thursday of the respective month. Like monthly contracts, quarterly contracts for BankNifty shall also expire on the last Thursday of the expiry month.

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