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Launch of 'Saral Jeevan Bima', positive cheque payments and more; key changes that come into effect from today

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Launch of 'Saral Jeevan Bima', positive cheque payments and more; key changes that come into effect from today

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Here's a list of changes/announcements that take place from January 1, 2021.

Launch of 'Saral Jeevan Bima', positive cheque payments and more; key changes that come into effect from today
Several financial changes and new announcements have come into effect from January 1, 2021. These include the launch of ‘Saral Jeevan Bima’, the start of 'positive pay system for cheque payments', contactless card transaction limit increase, among others.
Here's a list of changes/announcements that take place from today:
Launch of ‘Saral Jeevan Bima’
The Insurance Regulatory and Development Authority of India (IRDAI) has come out with a standardised term insurance policy known as 'Saral Jeevan Bima'.
This is a non-linked, non-participating individual pure risk premium life insurance plan and shall provide for payment of sum assured in a lump sum to the nominee in case of the life assured’s unfortunate death during the policy term.
The positive pay system for cheque payments
The Reserve Bank of India (RBI) has started 'positive pay system' for cheques from today. Under this, re-confirmation of key details may be needed for payments beyond Rs 50,000. Availing of this facility will be at the discretion of the account holder. However, banks may consider making it mandatory in case of cheques for amounts of Rs 5 lakh and above.
Under the positive pay system, the issuer of the cheque will be required to submit electronically, through SMS, mobile app, internet banking or ATM certain minimum details of that cheque like date, name of the beneficiary, payee, amount to the drawee bank. These details will be cross-checked before the cheque is presented for payment.
Increase of contactless card transaction limit
The RBI has enhanced limits for contactless card payments and e-mandates on cards (and UPI) for recurring transactions to Rs 5,000 from Rs 2,000.
Quarterly Goods and Services Tax (GST) return filing facility
About 9.4 million small businesses now come under the quarterly Goods and Services Tax (GST) return filing facility. These firms with sales up to Rs 5 crore will need to file only four returns showing the summary of all transactions in the quarter in the new regime from today.
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