2023 is just around the corner and all of us are eagerly waiting for the new year to come around. While some people are busy creating bucket lists of things to do in the next year, others are thinking about their new year's resolutions.
We must, however, also take care of a few matters that might have an effect on our personal finances. A lot of changes can strike us directly or indirectly as a result of the start of a new calendar year.
Among other things, these changes influence the price of CNG in PNG, credit cards, and bank lockers. The first of January 2023 will see the implementation of all these changes. Everyone is required to follow the rules of the government.
NPS partial withdrawal rule to change
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 only need to be submitted to the nodal officer, per a new order issued by the Pension Fund Regulatory and Development Authority (PFRDA) regarding these NPS withdrawals. On January 1, 2023, these rules will take effect.
New Bank Locker Rules
Customers must now get updated locker agreements as a result of RBI's changes to the bank locker rules. The rules will become operative on January 1, 2023.
The Reserve Bank of India's updated instructions notification states that banks must make sure that their locker agreements don't contain any unreasonable terms or conditions. The contract's conditions must also not be any more severe than what is necessary for the normal course of business to protect the bank's interests. By January 1, 2023, banks must renew their agreements with current locker users.
NPS with 5% Guaranteed Returns
The first minimum assured return scheme (MARS) under the National Pension System (NPS), which will guarantee 4-5% annual returns on the pension corpus for ten years, will be introduced by the Pension Fund Regulatory and Development Authority (PFRDA) by May or June of next year, according to chairman Supratim Bandyopadhyay.
High-security registration plates
All vehicles must have HSRP and color-coded stickers in accordance with the Motor Vehicles Act and the Central Motor Vehicle Rules. According to the rules, any vehicle found to be lacking HSRP and color-coded stickers is subject to a severe penalty of between Rs 5,000 and Rs 10,000. For a two-wheeler, the price of a high-security number plate has been set at Rs 365, and for a four-wheeler, the price ranges from Rs 600 to Rs 1,100. High-security license plates must be installed by December 31, 2022, in several states.
Changes in Credit Card Rules
Several banks are set to change their reward point scheme for credit card payments beginning in 2023. In this case, you have until December 31 to redeem the credit card reward points.
