Some important rules already changed from January 1, 2023 and some will come into effect from this Month
These include changes related to credit cards, bank lockers, GST e-invoicing, CNG-PNG prices, and vehicle prices.
1. Banks’ responsibility will be fixed on the loss of goods kept in a bank locker
Reserve Bank of India has issued new instructions related to bank lockers. These rules will come into force from January 1, 2023.
After these rules come into force, banks will no longer be able to do arbitrary with customers on the issue of lockers.
After implementing these rules, if there is any damage to the goods kept in the bank locker, then the bank’s responsibility will be fixed for this.
An agreement will be signed between the bank and the customer. It will be valid till December 31.
Banks will have to give the customers all the information about the change in locker-related rules through MMS and other means.
2. Rules related to credit card reward points will change
From January 1, 2023, the rules will change for those using credit cards. This change is related to the reward points earned on payment through credit cards.
From the beginning of the new year, HDFC Bank will change the reward points received on its credit card payments.
In such a situation, customers have been advised to pay all the remaining reward points on their credit cards before December 31, 2022. Reward point facilities will be provided under the new rules from January 1, 2023.
3. Changes in the prices of petrol-diesel and LPG
At the beginning of every month, petroleum companies fix petrol and diesel rates. The petrol and diesel prices have remained stable in the country for some time now.
In such a situation, on the last day of December, when the oil companies will re-fix petrol and diesel prices, a decision can be taken to make some changes in their prices.
However, whether these changes will happen will be clear only on the morning of January 1.
Along with the costs of petrol and diesel,
a change in the prices of domestic and commercial LPG cylinders may also be announced.
4. Change in CNG-PNG prices
Along with the change in the prices of petrol and diesel, there may also be a change in the prices of CNG used in vehicles and PNG gas used in household kitchens.
In the recent past, there has been a significant increase in the prices of CNG and PNG in the national capital and its surrounding areas, such as Noida, Ghaziabad, Gurugram, and Faridabad.
In such a situation, gas companies can revise their prices once again by the end of this month.
There is a difference of about eight rupees in CNG prices in Delhi and Gurugram.
In the last year, the price of CNG has increased by more than 70% in the national capital and surrounding areas.
On the other hand, in October, IGL increased the piped natural gas (PNG) rate for domestic cooking to Rs 53.59 per standard cubic meter from Rs 50.59 per scam in Delhi.
This was the 10th increase in PNG rates since August 2021. During that time, the prices increased by Rs 29.93 per SCM or about 91 percent.
5. Buying vehicles will be expensive
Buying new vehicles in New Year 2023 can be expensive. Major automobile companies, including MG Motor,
Maruti Suzuki, Hyundai Motors, Honda, Tata Motors, Renault, Audi, and Mercedes-Benz, have announced an increase in the prices of their vehicles.
The country’s leading company Tata Motors has said it will increase its commercial vehicles’ costs from January 2, 2023.
Honda has also announced that it will increase the prices of its cars by up to Rs 30,000.
In such a situation, if you plan to buy a new vehicle in the new year, it is costlier for you than the present one.
6. Rules related to e-invoicing of GST will change
There will also be essential changes in the rules related to GST e-invoicing and electronic bill in the new year.
The government has reduced the threshold limit for GST e-invoicing from Rs 20 crore to Rs 5 crore. These changes in GST rules will be applicable from January 1, 2023.
In such a situation, it will now be necessary for traders whose turnover is five crore rupees or more to generate electronic bills.
7. If not linked to Aadhaar, PAN card will be inactive from April 1, 2023
The Income Tax Department on Saturday issued an advisory that those PANs (Permanent Account Numbers) not linked with Aadhaar by the end of March next year will be deactivated.
However, it is a relief that this change will be applicable from the first date of April instead of January.
The Income Tax Department said in a public consultation, “Linking of PAN with Aadhaar is mandatory; it is necessary.
Don’t delay; link it today!” As per the Income Tax Act, 1961, it is mandatory for all PAN holders who do not fall in the exempted category to link
their PAN with their Aadhaar before March 31, 2023. Unlinking PAN from Aadhaar will become inactive from April 1, 2023.
