Contactless Card Transaction Limit Increased To Rs 5000 From Jan 1 2021

new Delhi: In the Corona era, the trend of digital payments has increased in the country. Therefore, to give it further boost, the central bank has decided to increase the limit of payment through contactless card to Rs 5,000 from January 1 next year. With the contactless card from January 1, 2021, you can pay up to Rs 5,000. Payment with a contactless card is considered secure, because in this process of payment, the card in the contactless NFC card is read and placed near the card reader.

The Reserve Bank's Governor Shaktikanta Das announced the decision taken in the monetary policy review meeting on Friday. During this, he also announced to increase the limit of payment from contactless card from Rs 2,000 to Rs 5,000 from January 1. RBI said that the convenience of customers has increased due to contract card transactions and especially in the current situation of Korana epidemic, it is a secure method of payment.

With effect from January 1, 2021, the RBI Gunwar said to increase the limit of payment from contactless card to Rs 5,000, as well as to make the facility of RTGS system available 24 hours soon.

Fastag also required for vehicles older than 1 January

The Union Ministry of Road Transport and Highways issued a notification making it mandatory for vehicles older than 1 January 2021 to be fastagged. Fastag became mandatory for M and N class four-wheelers sold before December 1, 2017. For this, the Central Motor Vehicles Rules, 1989 were amended. The ministry issued a notification regarding this on November 6.

As per the Central Motor Vehicles Rules, 1989, Fastag was made mandatory for all types of registration of new four wheelers from December 1, 2017 and vehicle manufacturers or their dealers are supplying Fastags. Also, it was made mandatory that the fitness certificate will be renewed only after the fastag for transport vehicles. Apart from this, it is mandatory for national permit vehicles also to fasten from October 1, 2019.

It has also been made mandatory through amendment in Form 51 that it is mandatory to have a valid fastag while taking a new third party insurance. This will include the details of Fastag ID. It will come into force with effect from April 1, 2021.

All insurance companies will give 'simple life insurance' policy

The Insurance Regulatory and Development Authority of India (IRDA) has issued instructions to life insurance companies to introduce a standard simple life insurance policy by January 1 next year. Irda stated, “Customers who cannot afford enough time and part to choose the options mentioned, find it difficult to choose the right product. So the individual life insurance product with simple features and terms and conditions Information about. “

IRDA has asked all life insurance companies in its circular to file a product with it by December 31 this year. Irda said, “It will be mandatory for all life insurance companies to introduce standard life insurance products from January 1, 2021. They will be allowed a new premium transaction for this.”

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