New Year 2023: From Bank lockers to GST rate, Your full guide to list of rules which changed from January 1, 2023

New Year 2023 has just started and we need to take care of certain things which may impact our personal finances. The start of the new calendar year also means a lot of changes which we may have to bear directly or indirectly.

These changes include bank lockers, credit cards, GST, CNG-PNG prices among others. All of these changes will become effective on January 1, 2023. It is mandatory for everyone to follow the rules of the government.

Here's a list of rules which are going to change from New Year 2023

NPS partial withdrawal rule 

Pension Fund Regulatory and Development Authority (PFRDA) had issued a new order regarding the NPS withdrawals w.e.f January 1 2023, according to which 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 come to effect on January 1, 2023.

New Bank Locker rules

RBI has amended the bank locker rules, which include providing customers with updated locker agreements. The rules came into 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

As per the Motor Vehicles Act and the Central Motor Vehicle Rules, HSRP and colour-coded stickers are mandatory for all vehicles. As per the rules, any vehicle caught without HSRP and colour-coded stickers is liable to a hefty fine, 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

Starting New Year 2023, several banks changed their reward point scheme for credit card payments. In this case, you must redeem the credit card reward points by December 31.

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