From Mandatory FASTags To Costlier Cars, Know The Changes To Be Implemented From January 1, 2021

As the new year dawns upon us, there will be new rules implemented from January 1, 2021 impacting our financial lives. Check them here.

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As the new year dawns upon us, there will be new rules implemented from January 1, 2021, including fraud prevalent tool Positive Pay system, mandatory FASTags for all four-wheelers across India and new mode of Goods and Services Tax (GST) return filing facility for small businesses. Also Read: EXPLAINED | Bitcoin More Than Tripled In 2020 To Breach $23K - Should You Invest? Here are the important changes to be rolled out in the coming year. 1) FASTag mandatory for all four-wheelers In order to ensure payment of user fees via electronic means and seamless movement of vehicles through toll plazas, FASTag has been made mandatory for four-wheelers from January 1, 2021. FASTag will be mandatory for four-wheelers or M&N category of vehicles that were sold before 1 December 2017. For this, the Central Motor Vehicles Rules, 1989 were amended. 2) 'Positive Pay' system for cheques With a view to preventing fraudulent activity, the Reserve Bank of India (RBI) had introduced the 'positive pay system' for cheque payment a couple of months ago. This new cheque payment rule will come into effect from 1 January 2021.  Under the new rule, the key details in the cheque will require re-confirmation for payments beyond ₹50,000.  It has been designed to detect fraudulent activity. The tool helps in matching specific information related to the cheque given for clearance, like the cheque number, cheque date, payee name, account number, amount, and other details against a list of cheques previously authorized and issued by the issuer. 3) Contactless card transaction limit increased In a move that could boost the adoption of digital payments, the Reserve Bank of India (RBI) increased the limit for contactless card transactions from Rs 2,000 to Rs 5,000, effective from January 1, 2021. The same has been done for e-mandates for recurring transactions through cards and the Unified Payment Interface (UPI).  The Reserve Bank of India (RBI) has enhanced limits for contactless card payments from ₹2,000 to ₹5,000. This will be at the discretion of the user. 4) Quarterly Goods and Services Tax (GST) return filing facility About 9.4 million small businesses are set to come under a simpler, quarterly Goods and Services Tax (GST) return filing facility being rolled out from 1 January. These firms with sales up to ₹5 crores, will need to file only four returns showing a summary of all transactions in the quarter in the new regime instead of 12 now filed--one every month. 5) Now, dial '0' before making landline to mobile calls From next year onwards, you have to prefix 0 for all calls made from fixed lines to mobiles, effective 15 January, accepting the sector regulator’s suggestion. The telecom department has been asking telcos to make necessary arrangements by January 1 to implement the new system. 6) WhatsApp to stop working on select phones One of the most important social media platforms, WhatsApp is going to withdraw support from some platforms from January 1. According to the information on the WhatsApp FAQ section, WhatsApp will only be compatible with phones running Android 4.0.3 operating system or newer as well as iPhones running on iOS 9 and newer. For Android phones, models including HTC Desire, LG Optimus Black, Motorola Droid Razr, or even the Samsung Galaxy S2 will no longer be able to have WhatsApp. 7) Cars to become costlier From next year, automakers are going to revise the price list. India’s biggest carmaker Maruti Suzuki will increase the prices of its models starting January and there will be different price rises in various models. MG Motor will be increasing the prices of its offerings in India. The company has claimed that they will be increasing the cost by up to three percent in order to counter the impact of higher input costs. Renault India will also increase the prices of all its cars in India. The company confirmed that car prices will be increased by up to ₹28,000 from January. 8) Two-wheeler price hike Two-wheeler company Hero MotoCorp will increase the prices of its vehicles by up to ₹1,500 from January 1, 2021, to offset the impact of rising input costs.