Positive Pay system for cheques to Mandatory FASTags: These rules are changing from January
New Delhi: From 1 January 2021 onwards, several rules are going to change, that includes implementation of Positive Pay system for cheque payments, mandatory FASTags for all four-wheelers across India, new mode of Goods and Services Tax (GST) return filing facility for small businesses, increased contactless card transaction limit and more.
Here are all the new rules that come into effect from January 1:
1. FASTag mandatory for all four-wheelers: The Union Ministry of Road Transport and Highways has issued a notification stating FASTags are mandatory for all four-wheel vehicles from January 1, 2021. FASTag will be mandatory for four-wheelers or M&N category of vehicles that were sold before 1 December 2017.
2. ‘Positive Pay’ system for cheques: The Reserve Bank of India (RBI) has decided to introduce the ‘positive pay system’ for cheques from 1 January 2021. Under the new rule, re-confirmation of key details will be needed for cheque payments beyond Rs 50,000. The issuer of the cheque has to present information, such as the cheque number, cheque date, payee name, account number, amount, and other details and that bank has to match the details before honoring the cheque.
3. Contactless card transaction limit hike: In the latest MPC, the Reserve Bank of India (RBI) enhanced limits for contactless card payments from Rs 2,000 to Rs 5,000. This will be effective from 1 January 2021 and will be at the discretion of the user. RBI also increased transaction limits for e-mandates for recurring transactions through cards and UPI from Rs 2,000 to Rs 5,000.
4. Quarterly GST Return filing: About 9.4 million small businesses are set to come under a simpler, quarterly Goods and Services Tax (GST) return filing facility which will be rolled out from 1 January. From next month, firms with sales up to Rs 5 crore, will need to file only four returns showing the summary of all transactions in the quarter under the new regime instead of 12 currently (one filed every month), said a finance ministry official.
5 ‘0’ before making landline to mobile calls: The Department of Telecommunications (DoT) has made it mandatory to prefix ‘0’ before a number for making landline to mobile calls, effective from January 1, 2021. The move came after the sector regulator, Telecom Regulatory Authority of India (Trai) recommended the move to create enough numbering space for telcos.
DoT in a notification said the fixed-line users will soon begin hearing the announcement apprising them of the move. The message will be played whenever a fixed-line user will dial to a mobile number without prefixing ‘0’.