From LPG Prices To Pension: Major Changes Affecting India’s Middle Class From January 1, 2025

Starting January 1, 2025, the prices of LPG cylinders, both for domestic and commercial use, will undergo a revision. While the 14 kg cylinders for cooking have remained stable recently, the 19 kg commercial cylinders have experienced fluctuations. Be prepared for potential price hikes. Additionally, aviation fuel prices could also see a revision, potentially influencing airfares.

A new rule will allow Employees' Provident Fund Organisation (EPFO) pensioners to withdraw their pension from any bank across India, starting January 1, 2025. This will make pension withdrawals more convenient and accessible, as no additional verification will be required, easing the process for pensioners.

From January 1, 2025, users of feature phones will see an increase in the transaction limit for UPI 123Pay, which allows online payments on basic phones. The transaction limit will rise from Rs 5,000 to Rs 10,000, making it easier to conduct larger transactions through UPI on feature phones.

A major change will affect the expiry dates of Sensex, Sensex-50, and Bankex. These indices, which have traditionally expired on Fridays, will now expire on Tuesdays starting January 1, 2025. Additionally, quarterly and half-yearly contracts will now expire on the last Tuesday of the respective months, while Nifty 50 monthly contracts will expire on Thursdays.

In a move to support the agricultural sector, farmers will now be eligible for loans up to Rs 2 lakh without any guarantee, starting January 1, 2025. This increase from the previous Rs 1.6 lakh limit will provide farmers with more access to funds for agricultural activities, helping improve productivity and livelihoods.

Aviation fuel prices will be revised on January 1, 2025, as part of the regular monthly update. This change is expected to affect airline ticket prices, which could see a rise depending on the new fuel rates.

Businesses will need to adopt Multi-Factor Authentication (MFA) for accessing the GST portal starting January 2025. This added layer of security will require additional verification steps, such as OTPs. Additionally, E-Way Bills (EWBs) can only be generated for documents issued within the last 180 days, ensuring more accurate and up-to-date records. Companies will need to update their contact details, train employees on MFA, and coordinate with their supply chains for seamless compliance.