As 2024 comes to a close, the new year is bringing several key changes that could impact households, professionals, and travelers alike. From GST compliance adjustments to new pension withdrawal rules, here is a detailed look at the updates coming into effect on January 1, 2025, and how they might impact your plans and finances.

LPG cylinder prices: 

The global market of crude oil sells at $73.58 per barrel. If crude oil prices are expected to rise, then so may the price of LPG. Oil companies are reviewing LPG rates on a monthly basis, but for a while, the domestic cylinder prices in Delhi have been unchanged at ₹803. Nevertheless, with the steady increase in commercial cylinder prices, it seems there is a change of scenario here.

Car prices:

Planning to purchase a car? Brace yourself for higher costs. Leading car makers such as Maruti Suzuki, Hyundai, Tata Motors, and luxury brands like Mercedes-Benz and BMW will raise prices by 2–4% starting January 2025. This increase is due to rising production costs, freight charges, forex volatility, and wage hikes.

Data recharge plans:

Telecom operators such as Jio, Airtel, Vodafone, and BSNL can revise their data plans as new RoW Rules, 2024 aim to improve telecom infrastructure. These new rules will come into force from January 1, 2025, and will facilitate service providers to integrate and maintain communication facilities on public property. However, it is also likely to escalate service charges.

Fixed deposit rules: 

The Reserve Bank of India is revising rules for fixed deposits handled by Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs). The amendments include stricter requirements for accepting deposits, maintaining liquid assets, and ensuring full safety coverage for public funds.

Withdrawal of Pension for EPS holders

Pensioners under EPS will be able to get easy access to their corpus starting next year. According to the Centralised Pension Payment System, all pensioners will be free to withdraw their pension from any branch of a bank across the country with no additional verification. Over 78 lakh EPS pensioners are expected to benefit.

GST compliance tightens with stricter rules

New GST compliance rules come into effect on January 1, 2025. Some of the key changes include mandatory Multi-Factor Authentication for accessing GST portals, first for larger businesses and then for all taxpayers. Also, E-Way Bills will be valid for only documents not older than 180 days, and the extension period will be limited to 360 days.

Transaction limit of UPI 123Pay

Feature phone users relying on UPI 123Pay will now have a higher transaction limit. From January 2025, the limit will be raised from ₹5,000 to ₹10,000, making it more convenient for non-smartphone users.

Changes in WhatsApp for old Android users

People whose old Android phones run KitKat or earlier OS versions will lose access to WhatsApp. The brands that will lose WhatsApp service are Samsung, LG, HTC, and Sony, especially their handsets released 9–10 years ago. Meta encourages users to save important chats and data before the update is in place.

US visa rules: All you need to know

More flexibility for non-immigrant visa applicants in India. Starting January 1, 2025, they can reschedule appointments once without extra fees. However, missing the rescheduled date or needing another change will require a new appointment and payment.

A new rule of the US Department of Homeland Security, effective January 17, 2025, also aims to simplify the H-1B process and provide smoother transitions for Indian F-1 visa holders.

Thailand's E-visa system expands

Thailand's e-visa system will now be accessible to all travelers around the world. This new system allows applicants to fill out the entire visa process online, without submitting physical documents, making travel to the popular destination easier for Indian tourists. 

As 2025 approaches, keeping yourself updated on these changes will help you plan your finances and routines better.