Everything that changes in India in January 2025
Multi-Factor Authentication (MFA) for GST Compliance
From January 1, 2025, the government will mandate Multi-Factor Authentication (MFA) for all taxpayers on GST portals. This upgrade enhances security, reducing fraud risks. Businesses need to ensure that their mobile numbers are updated, employees are trained, and IT systems are ready to comply with this requirement.
Thailand’s E-Visa Expansion
In 2025, Thailand will expand its e-Visa system to all international travelers. From January 1, visitors from any country can apply for a visa online. This update simplifies the process for Indian travellers and makes it easier to plan trips to Thailand.
US Visa Appointment Changes
The US Embassy in India is introducing a new rule for non-immigrant visa appointments. From January 1, 2025, applicants can reschedule their appointment once without incurring additional fees. Further rescheduling will require a new application and fee payment. This policy ensures more streamlined scheduling for visa applicants.
EPF ATM Service
Starting in 2025, Employee Provident Fund (EPF) account holders will gain access to a new ATM service. This feature allows individuals to withdraw their EPF funds conveniently through ATMs. This update makes it easier for account holders to manage their savings and meet urgent financial needs.
New E-Way Bill Rules
Changes in the E-Way Bill (EWB) system will take effect in 2025. EWB generation will now require base documents not older than 180 days. Businesses will need to adapt their invoicing and logistics processes to ensure compliance with this rule, ensuring smooth operations and timely deliveries.
UPI Payments for Prepaid Payment Instruments (PPIs)
The Reserve Bank of India (RBI) is introducing UPI payments for full-KYC Prepaid Payment Instruments (PPIs). Starting January 1, 2025, PPI wallet holders can link their accounts to third-party UPI apps to carry out transactions securely. This move enhances flexibility and convenience for users.
Fixed Deposit (FD) Rule Changes
The RBI has introduced new rules for FDs with non-banking financial companies (NBFCs) and housing finance firms. Key updates include:
Penalty-Free Withdrawals for Small Deposits: FD holders can withdraw amounts below ₹10,000 before maturity without penalties.
Critical Illness Clause: Those facing critical illnesses can withdraw their entire FD amount before maturity.
These updates provide greater flexibility to FD holders while ensuring their financial security.
RuPay Credit Card Lounge Access
The National Payments Corporation of India (NPCI) has introduced tier-based criteria for complimentary airport lounge access for RuPay credit cardholders. Cardholders must meet specific spending thresholds to qualify for free lounge visits. Details vary based on card type and spending levels.
BOBCARD Lounge Access Updates
BOBCARD users will also see updates to their airport lounge access programs. To qualify for unlimited lounge visits, cardholders must spend ₹40,000 in the previous quarter. Other users will have limited visits per quarter, based on their spending. Spending progress can be tracked via the BOBCARD portal or mobile app.
