New bank rules to digital payments to mandatory FASTags: 10 things changing from tomorrow

From tomorrow, 1 January 2021, many rules are going to change, that includes mandatory FASTags for all four-wheelers across India. implementation of new cheque payment system to curb banking frauds, and new mode of Goods and Services Tax (GST) return filing facility for small businesses. So, before the new rules roll out, it is important to know them in advance.

The Reserve Bank of India (RBI) has decided to introduce the ‘positive pay system’ for cheque from 1 January 2021. Under the new rule re-confirmation of key details may be needed for payments beyond ₹50,000. The concept of Positive Pay involves a process of reconfirming key details of large value cheques – such as the cheque number, cheque date, payee name, account number and amount.