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Key Updates for Taxpayers, Investors, and Digital Payment Users
Effective April 1, 2025, multiple financial rule changes will impact taxpayers, credit card holders, UPI users, and investors across India. These updates aim to enhance security, streamline transactions, and improve compliance in the financial sector.
Credit Card Rule Changes
- SBI SimplyCLICK & Air India SBI Platinum Credit Cards will undergo changes in reward structures. Cardholders should check updates on cashback, points accumulation, and redemption terms.
- Axis Bank Vistara Credit Card benefits will be revised following Vistara’s merger with Air India, potentially affecting travel perks.
UPI Security Enhancements
To strengthen digital payment security, the National Payments Corporation of India (NPCI) has introduced new regulations:
- Deactivation of inactive mobile numbers linked to UPI accounts.
- Banks and third-party UPI providers (such as Google Pay, PhonePe, and Paytm) must comply to prevent unauthorized transactions.
Unified Pension Scheme (UPS) for Government Employees
- The Unified Pension Scheme (UPS) will provide 50% of the average basic salary (last 12 months) as a pension for central government employees with 25+ years of service.
- This move enhances financial security for National Pension System (NPS) subscribers.
DigiLocker to Store Investment Documents
- Investors can store their demat account holding statements and Consolidated Account Statements (CAS) in DigiLocker.
- Nominees will have view-only access in case of the investor’s death, ensuring smoother asset transfer.
GST Rule Changes
- Multi-Factor Authentication (MFA) will be required for taxpayers accessing the GST portal, improving security.
- E-Way Bills (EWB) will now only be generated for base documents not older than 180 days to curb tax evasion.
Mutual Fund Rule Revisions
- New fund offers (NFOs) must deploy raised funds within 30 business days.
- If an Asset Management Company (AMC) fails to invest within 60 days, new investments must stop, and investors can exit without penalties.
These regulatory shifts underscore the government’s push for enhanced financial security, digital efficiency, and tax compliance.
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