Changes to several rules will take effect on January 1. From credit cards, bank lockers to GST, the new rules to take effect from tomorrow and will impact the personal finance of the common man.
Bank locker
Reserve Bank of India (RBI) has announced that beginning on January 1, 2023, all major banks in the country must comply with new locker regulations and provide locker agreements to their respective holders. Revisions to the RBI's standards were first published on August 8, 2021, with the new rules taking effect on January 1, 2022. All current locker tenants 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 who use safe deposit lockers.
The Central Bank has instructed all Lenders to utilise the IBA-drafted Model Locker Agreement, which is said to be in accordance with the most recent Guidelines and the Supreme Court's 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 a minimum of 180 days. When comparing results, this will be a useful tool.
Credit Card
Several banks are set to alter their reward point programmes for credit card payments in the coming year. Customers must use their credit card reward points by December 31 in order to do so. Customers are advised to pay all the remaining reward points in their credit cards before 31 December 2022. Reward point facilities will be provided under the new rules from 1 January 2023.
GST rules
There will also be important changes in the rules related to GST e-invoicing and electronic bill in the new year. The government has reduced the threshold limit for GST e-invoicing from Rs 20 crore to Rs 5 crore. These changes in GST rules will be applicable from January 1, 2023. In such a situation, it will now be necessary for traders whose turnover is five crore rupees or more to generate electronic bills.
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