UPI New Rule, April 1: The new financial year will commence on April 1st, bringing with it a host of changes. As a citizen, it is crucial for you to be informed about the regulations that will be altered starting April 1st. Lack of awareness regarding these changes could lead to various complications.
Potential changes in various sectors
Significant modifications will occur in areas such as UPI, banking, LPG prices, and taxation effective April 1, 2025. Understanding these changes is essential, as they will directly affect your finances. By being informed in advance, you can mitigate potential issues. In this discussion, we will outline the rules that will be modified from April 1st.
National Payment Corporation of India (NPCI) will deactivate some UPI numbers
The National Payment Corporation of India (NPCI) will deactivate numbers that have remained inactive for an extended period starting April 1, 2025. If you have an old number linked to your bank account that has been dormant for a long time, it is advisable to link a new number to your bank account before this date. Failing to do so may result in difficulties when transacting via UPI. Therefore, it is recommended to complete this task promptly.
Banks may impose fines on savings accounts
Additionally, beginning April 1, 2025, banks may impose fines on savings accounts that do not maintain a minimum balance, although the minimum balance requirements may differ among banks. New tax regulations will also take effect on April 1, 2025. Under these new rules, individuals with an annual income of Rs 12 lakh will be exempt from taxation, provided they opt for the new tax regime.
Potential changes in LPG gas cylinder price
Adjustments to LPG gas prices occur at the start of each month. Consequently, oil companies will implement changes in the pricing of both domestic and commercial gas cylinders effective April 1.