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New Year rule changes: ‘Positive Pay’ system, higher transaction limit for contactless cards and others

Several rules are set to change on January 1 and in the days to come, including implementation of the new cheque payment system, increase in the transaction limit for contactless card and hike in car prices.

January 02, 2021 / 10:23 AM IST

Several rules and regulations are set to change on January 1 and in coming days, including implementation of the new cheque payment system meant to curb banking frauds and introduction of a higher transaction limit for contactless cards.

Here’s a list of key rules and procedures that are coming into force on January 1 and in the coming days.

‘Positive Pay’ system for cheques

Introduced by the Reserve Bank of India (RBI), the Positive Pay System for cheques came into force on January 1. Reconfirmation of key details will be required for payments of more than Rs 50,000.

Under this system, the issuer of the cheque will be required to submit electronically, through SMS, mobile app, internet banking or ATM, certain minimum details of the cheque such as the date, name of the beneficiary, payee and amount to the drawee bank.

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These details will be cross-checked before the cheque is presented for payment. If any discrepancy is flagged by cheque truncation system (CTS) to the drawee bank and presenting bank, redressal measures would be undertaken, according to the RBI.

Read more | Positive pay system for cheque payments to come into effect from January 1: RBI

Reliance Jio makes domestic voice calls free

Reliance Jio Infocomm once again made off-net domestic voice calls free after interconnect usage charges (IUC) on such services ended.

"Honouring its commitment to revert off-net domestic voice-call charges to zero, as soon as IUC charges are abolished, Jio will once again make all off-net domestic voice calls free, starting 1st January 2021," the company said in a statement on December 31, 2020. The company also clarified that on-net domestic voice calls have always been free on the Jio network.

Off-net domestic voice calls from Jio to any network, anywhere in the country, will be free. Before this, customers were being charged for off-net voice calls due to the IUC regime.

Contactless card transaction limit increased

Payments limit of contactless cards has been raised from Rs 2,000 to Rs 5,000 by the RBI in a bid to boost digital payments.

GST-registered small business

Businesses with a turnover of up to Rs 5 crore are now required to file just four Goods and Services Tax (GST) sales returns, instead of 12. This change is is expected to impact around 94 lakh small businesses across the country.

Car prices

Maruti Suzuki India, Mahindra and Mahindra and Skoda Auto India will increase vehicle prices from January 1 to cope up with the impact of increasing input costs.

WhatsApp to stop working on some phones

Instant messenger WhatsApp has withdrawn support from some platforms including older Android and iPhones. According to the Facebook-owned messenger, it will only be compatible with phones running Android 4.0.3 operating system or newer, and iPhones running on iOS 9 and newer.

Thus, smartphones such as HTC Desire, LG Optimus Black, Motorola Droid Razr and iPhone 4 will no longer be supported by WhatsApp.

Also read: No WhatsApp updates for select iOS and Android smartphones starting January 2021

FASTag mandatory for four-wheelers

The ‘FASTag’ electronic toll collection system was supposed to become mandatory for all four-wheel vehicles – carrying both passengers and goods – that were sold before December 1, 2017. The Central Motor Vehicles Rules, 1989 was amended for this.

However, on December 31, 2020, the Union Ministry of Road Transport and Highways extended the deadline till February 15.

Landline to mobile phone calls

You will be required to prefix '0' while making calls from landlines to mobile phones in the country. While this would be effective from January 15, the telecom department had asked telecommunications companies to work on the required infrastructure by January 1.

Twitter resumes account verification

Social media giant Twitter will restart account verification policy (blue tick) for common users. However, this will begin on January 20.

Disclaimer: Reliance Industries Ltd., which also owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Moneycontrol News
first published: Jan 1, 2021 10:02 am
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