Multiple financial regulations will start on April 1, 2025, which will affect users of UPI and credit cards as well as pensioners and taxpayers. The income tax exemption now covers individuals who earn up to ₹12 lakh per year along with a standard deduction of ₹75,000 that makes incomes up to ₹12.75 lakh tax-exempt.
The National Payments Corporation of India (NPCI) will block UPI transactions from inactive numbers to stop unauthorized transactions. Credit card users will also see changes, with SBI SimplyCLICK and Air India SBI Platinum Credit Cards revising their reward structures. The Vistara Credit Card benefits from Axis Bank will undergo changes because of the Air India merger.
The Unified Pension Scheme (UPS) will replace the existing pension system. The pension benefit will be 50% of the last 12 months’ average basic salary for the 23 lakh central government employees who have served at least 25 years.
The GST framework requires businesses to use Multi-Factor Authentication (MFA) for GST portal access and E-Way Bills must be generated from base documents that are not older than 180 days. Major banks SBI, PNB and Canara Bank have implemented new minimum balance requirements which will result in penalties for non-compliance.
