From January 1, many rules will be effective. From credit cards, and bank lockers to GST, the new rules coming into force from tomorrow will affect the personal finance of the common man.
Bank locker
The Reserve Bank of India (RBI) has announced that from January 1, 2023, all major banks in the country will have to comply with the new locker rules and provide locker agreements to their respective holders. The amendments to RBI's standards were first published on August 8, 2021. The new rules came into effect on January 1, 2022. All existing locker hirers are required to provide proof of eligibility for a renewed locker arrangement and sign a renewal agreement by January 1, 2023. RBI has mandated that all banks provide updated locker agreements to customers using safe deposit lockers.
The Central Bank has directed all lenders to use the IBA-drafted model locker agreement, which is in line with the latest guidelines and Supreme Court orders. RBI has mandated that all banks equip their safe deposit areas with CCTV cameras. The Reserve Bank of India has also mandated that bank CCTV footage be stored for at least 180 days. When comparing results, this will be a useful tool.
Credit cards
In the coming year, many banks are set to change their reward point programs for credit card payments. To do this, customers have to use their credit card reward points by 31st December. Customers are advised to pay all the reward points remaining on their credit cards before December 31, 2022. The facility of reward points will be given from January 1, 2023, under the new rules.
GST Rules
In the new year, there will be important changes in the rules related to GST e-challan and electronic bills. The government has reduced the GST e-invoice limit from Rs 20 crore to Rs 5 crore. These changes in GST rules will be applicable from January 1, 2023. In such a situation, now it will be necessary for businessmen with a turnover of five crore rupees or more to generate electronic bills.
