Agencies

1. Insurance premium will be expensive

Life insurance policy premiums will change from 1 February 2020. The insurance regulator has ordered IRDA companies to change the linked, non-linked insurance policy. With
the new rules coming in, premiums will become expensive and guaranteed returns may also be slightly lower. However, the withdrawal limit on policy maturity will be increased
from 33 per cent to 60 per cent. The policy taker will also get the option of guaranteed return. The minimum life cover for ULIP investors will decrease.

2. Withdrawal in SBI, change in card

Two new provisions will come into force from January 1 for SBI customers. One time password (OTP) will be available for transactions through all ATMs and other cash
withdrawal systems of the bank. This move will reduce the risk of fraud. Apart from this, SBI is changing the cards with magnetic strips of all customers, the last date of which is
31 December. If not, your card will be blocked from January 1.

3. Fastag required on all vehicles

Fastag will be required on all vehicles from January 15, making toll recovery electronically on national highways. So far about 1 crore Fastags have been released. If they pass
through its fastless lane, they will have to pay double the toll. With the introduction of this system, the toll collection will increase and the highways will get rid of jams.

4. Stop everyone's trust plan

The government is going to discontinue the Sabka Biswas scheme from January 1, 2020. Disputes pending indirect tax are settled in Sabka Biswas scheme, which started after
the general budget of FY 2019-20. Its duration ends on 31 December. Under the scheme, up to 70 per cent rebate is being given to the outstanding taxpayers.

5. E-Billing Trial

For the first time, two and a half years after the implementation of GST, the business world will be exposed to e-invoicing. Its trial is being started from January 1 for traders with
turnover above Rs 500 crore, which will be voluntary. The trial for those with more than 100 crore turnover will begin from February 1. It will be mandatory for both categories
from April 1, 2020. The unique invoice reference number included will prevent bogus billing and tax evasion.

6. Digital payment easy

There will be no merchant discount rate (MDR) on payment through RuPay Card and UPI from January. Also, the digital payment will be free for businessmen with turnover of
more than Rs 50 crore. This will make it easier for small traders. RBI has told the banks that they will not take any charge from the account holders for this. Apart from this,
sending money through NAEFT will also be free.