• Notification Date: 29-12-2022
• Notification No: N/A

Full Guidance on List of Rules changing from January 1, 2023

New year 2023 calls for reviewing some of the major changes that will hugely affect the financial aspect of individuals. These changes include bank lockers, credit cards, GST, CNG-PNG prices among others. All of these changes will become effective on January 1, 2023. Everyone should mandatorily follow the rules of the government. 

Pension Fund Regulatory and Development Authority (PFRDA) has issued a new order regarding these NPS withdrawals. According to this order, customers of all government sector customers (Centre, State and Central Autonomous Body) can now submit their application for partial withdrawal (NPS Partial Withdrawal) and it will have to be submitted only to the nodal officer. 

These rules will be effective from January 1, 2023. 

New Bank Locker Rules: 

RBI has amended the bank locker rules for the new year. The new rules will include providing customers with updated locker agreements. The rules will take effect from January 1, 2023. 

According to the Reserve Bank of India revised instructions notification, “Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements. Further, the terms of the contract shall not be more onerous than required in ordinary course of business to safeguard the interests of the bank. Banks shall renew their locker agreements with existing locker customers by January 1, 2023.” 

High-security Registration Plates: 

The Motor Vehicles Act and the Central Motor Vehicle Rules make HSRP and colour-coded stickers mandatory for all vehicles. As per the new rules, any vehicle caught without HSRP and colour-coded stickers is liable to a hefty fine. The amount might be ranging from Rs 5,000 to Rs 10,000. The cost of a high-security number plate for a two-wheeler has been fixed at Rs 365 and for four-wheelers, it ranges from Rs 600 to Rs 1,100. In several states, the deadline for installing high security number plates is December 31, 2022. 

Changes in Credit Card Rules: 

From January 2023, several banks are likely to change their reward point scheme for credit card payments. In this case, one must redeem the credit card reward points by December 31.