Rule Change in March 2025- Many rules have changed from today. The change in rules will affect demat account, UPI and GST portal.
New Delhi. With the beginning of the new month, many important rules related to money have changed which can affect your pocket. These include rules related to LPG cylinder prices, demat account nomination, fixed deposit (FD) interest rates, UPI payment, tax rules and security of GST portal. In such a situation, it is important that you have information about these rules in advance and adjust your financial planning accordingly.
The Securities and Exchange Board of India (SEBI) has changed the nomination process of demat and mutual fund accounts. Now investors can add up to 10 nominees. This rule has come into effect from today i.e. March 1. It will be mandatory for a single account holder to add a nominee, which will make it easier to claim the property in future. It will be necessary for the nominee to provide PAN, Aadhaar (last four digits) or driving license number. In a joint account, if an account holder dies, the property will automatically be transferred to the other account holder.
Commercial LPG cylinder becomes expensive
At the beginning of every month, oil companies update the prices of LPG cylinders. From March 1, the government has increased the price of 19 kg commercial gas cylinder by Rs 6. After this increase, the price of commercial cylinder in Delhi has become Rs 1,803, in Kolkata it is Rs 1,913 and in Mumbai it is Rs 1,755.50. However, there has been no change in the prices of domestic gas cylinders.
New rules for UPI payment implemented
A new rule for paying insurance premium through UPI has come into effect from March. Under the Insurance-ASBA facility, policyholders can block the amount of insurance premium in their bank account. If the insurance company accepts the proposal, the amount will be automatically deducted. If the proposal is rejected, this amount will be unblocked in the account again. This change has been made to make UPI payment more secure.
Security of GST portal will be strengthened
The GST portal is being made more secure for traders. Now multi-factor authentication (MFA) will be mandatory. Business owners will need to update the IT system. This will make online transactions on the GST portal more secure than before. Banks will remain closed for 14 days
Banks will remain closed for 14 days this month due to festivals and weekends. There will be 5 Sundays and 2 Saturdays off this month. Banks will remain closed for 2 days due to Holi. Banking operations will also be affected due to other local festivals and government holidays. Therefore, if you have to go to the branch for any important banking work, then do check the list of holidays first.
Changes in tax rules
New limits for tax slabs and TDS may come into effect from March 2025. The government has indicated that some tax exemptions may be given to the middle class and the salaried class. Changes in the tax slab are expected to provide relief to millions of taxpayers. Apart from this, after the RBI reduced the repo rate, banks may also revise the interest rates of home loans this month.
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