Signiflcan financial rule changes to come into effect today
The Statesman [
Kolkata
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Apr 1, 2025 | Page No.: 1 | Position: Bottom Left | Source: Bureau | Sq Cm: 223 | AVE: 256880 | PR Value: 1284400
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Signiflcantfmancial rulechangestocomeintoeffect today STATESMAN NEWS SERVICE NEW DELHI 31 MARCH Key financial reforms With commencement of the new financial year - from 1 UPI Security Enhancemer NPCI has mandated banks and third-party UPI April- several significant providers to deactivate inactive numbers from financial rule changes will 1 April to enhance security and efficiency come into effect These changes range from impact- GST E-Way Bill Changes ing taxpayers UPI users Taxpayers accessing the GST portal must use and credit card holders Multl-Factor Authentication MFA and E-Way Bills can only be generated for base documents no older The National Payments than 180 days to improve compliance Corporation of India NPCI has introduced new direc- liFfied Peision Scheme Update tives for the Unified Pay- 0 Employees with at least 25 years of service will ments Interface UPI to receive a pension equal to 50 of their average basic salary from the last 12 months ensuring improve security and effi- better financial stability post-retirement ciency _ Alild¦ These guidelines mandate banks and third-party UPI than 180 days a step aimed The credit card holders statements directly in Dig- providers such as PhonePe at enhancing compliance will see changes in their iLocker and Google Pay to imple- and curbing tax evasion reward points and benefits Within the app users ment measures for deacti- Under the Unified Pen- Axis Bank is set to revise can designate nominees vating inactive numbers sion Scheme UPS scheme the benefits of its Vista ra who will have view-only from 1 April employees with a minimum Credit Card Further the access For the Goods and Serv- of 25 years of service will SBI SimplyCLICK and Air For the Mutual Funds ices Tax GST framework be entitled to a pension India SBI Platinum Credit under the new rule the fund taxpayers accessing the GST amounting to 50 of their Card users will face adjust- houses must deploy funds portal will he required to average basic salary from ments in their reward struc- raised through new fund use Mul ti-Fac torAuthenti- the last 12 months ensuring tures offers NFOs within 30 busi- cation MFA as an added financial stability after retire- Another change will be ness days security measure ment introduced within the Dig- If no investment is made Also from April 1 the E- This initiative is part of iLocker app Investors will within 60 days the AMC Way Bills EWB can only broader measures to be able to store their demat must stop new investments be generated for base doc- enhance pension benefits account holding statements and allow investors to exit uments that are no older for government employees and consolidated account without any penalties