Rules changing from January 1: Everything you need to know in detail
From ATM transactions to tokenisation, several rules that have a major impact in the lives of common man are going to change from January 1
From ATM transactions to tokenisation, several rules that have a major impact in the lives of common man are going to change from January 1. Since these rules are going to affect your everyday life, it is important to know more about these changes in detail.
New card payment rules
VO2- In a bid to ensure card data safety of the customers, the Reserve Bank of India is all set to implement the new card payment rules from the beginning of 2022. With effect from January 1, 2022, the details saved by the merchants on their website/app will be deleted as per the RBI order for the security of the bank cards. Customers will have to enter the full details of the card every time or they have to choose the token option to make a payment.
ATM Transactions Will Be Expensive
VO3- In 2022, customers will have to pay a higher amount of fees if they exceed the number of free ATM transactions. This is due to the Reserve Bank of India (RBI) allowing banks to hike fees for cash and non-cash ATM transactions beyond the free monthly permissible limit. Effective January 1, 2022, bank customers will have to pay Rs 21 per transaction instead of Rs 20.
GST increases from 5 pc to 12 pc
VO 4 - With effect from January 2022, the government has raised the goods and services tax (GST) on finished goods such as garments, textiles, and footwear from 5 percent to 12 percent. GST rate on fabrics has been increased to 12 percent from 5 percent from January 2022 and GST on apparel of any value has been increased to 12 percent, compared to earlier when pieces priced up to Rs 1,000 were subject to 5 percent GST.
Swiggy, Zomato to collect 5% GST
VO 5- Food delivery apps like Zomato and Swiggy will be treated as restaurants and five percent GST will be levied on the supplies they make starting from January 1, 2022. The change in rule means that apps will collect the 5% GST from customers instead of restaurants from where they are delivering food orders.