The RBI has introduced the ‘Positive Pay System’ for the check payment from 1 January. This new rule will be applicable for cheque payment of more than Rs 50,000. The Reserve Bank of India (RBI) took this important decision to stop the fast-growing banking fraud in the country. Under this rule, re-confirmation of key details may be needed to pay beyond Rs 50,000. Apart from this, the prices of cylinders will change from 1 January. However, LPG prices have increased 2 times in December, now the question arose is will it reduce or increase in 2021?
What is a Positive Pay System?
Positive Pay System is an automated fraud detection tool. Under this, the person who will issue the cheque will have to re-inform the date of the cheque, the name of the beneficiary, the recipient and the amount of the payment through electronic means. The person issuing the cheque can provide this information through electronic means such as SMS, mobile app, Internet banking or ATM. After this, these details will be cross-checked before cheque payment. If any issues are found in the cheque, payment will not take place and the bank will be informed about it. Banks will apply the new rule to account holders in case of all payments of Rs 50,000 and above.
Gas Cylinder prices will change
Oil companies fix LPG cylinder prices on the first date of every month. The prices of gas cylinders from 1st January. However, instead of raising prices on December 1, oil companies raised prices on December 3. So far, LPG prices have increased twice in December. Companies have raised the price of cylinders by a total of Rs 100 this month.
Term plan policy will be available at a lower premium
From 1 January 2021 the Standard term plan policy will be available at a lower premium. Indian insurance regulator IRDA had directed the insurance companies to introduce a standard term life insurance after introducing a standard regular health insurance plan called Arogya Sanjeevani. Following the same instructions, insurance companies are going to launch a standard life insurance policy from 1 January. In the new insurance plan, there will be an option to buy a term plan for a lower premium. Also, the terms and the amount of cover will be the same in the policy of all insurance companies.
The GST returns will be changed
The government has introduced a scheme for filing of Quarterly Return Filing and Monthly Payment of Taxes (QRMP) for small taxpayers under the Goods and Services Tax (GST) system. Taxpayers whose annual turnover has been up to Rs 5 crore in the last financial year and who have submitted their October GSTR-3B (sales) return till November 30, 2020, are eligible for the scheme. In a meeting held on October 5, the GST Council had said that registered people with a turnover up to Rs 5 crore may be allowed to file their returns quarterly and pay taxes on monthly basis from January 1, 2021.