Automobiles To Get Expensive In New Year? What The Market Will Look Like In January

As the new year approaches, some significant changes in the Indian mobile, automobile and other sectors are also on the horizon. These changes will directly impact the lives of the common people in India. So continue reading to know –

Price revision in the automobile sector:

auto manufacturers such as Maruti Suzuki, Tata Motors, Mercedes-Benz, Honda, Hyundai, Audi, and Renault, have ordered to counteract the effects of increased input costs, and hence decided to raise their prices. The new pricing point for the company’s models aims to uphold the brand’s premium price positioning and ensure long-term success for both the automaker and its dealer partners.

A new locker agreement :

Since the new locker regulations will go into effect on January 1, 2023, the Reserve Bank of India (RBI) has advised all major banks to issue the locker agreement to its holders before that date. According to the new regulations, the RBI stated that all banks must distribute a new locker agreement to their safe deposit locker holders. Banks may employ the IBA-drafted model locker agreement, which must adhere to the Supreme Court’s rules and the amended instructions.

HDFC revises fee structure of credit cards from January 1, 2023

For all HDFC credit cards, HDFC Bank has updated its reward point system and pricing structure. Along with a rise in fees, the bank has added a few limits to the maximum cap on reward point redemption. Rent payments won’t accrue reward points, according to the bank, and there are limits on how many reward points may be redeemed for each transaction on different cards.

GST returns mandatory for businessmen with turnovers of more than Rs 5 crore

The government mandated electronic invoicing beginning on January 1, 2023, for companies having a cumulative annual revenue of more than Rs. 5 crore in any prior fiscal year from 2017–18 to 2021–22. Phase I previously applied to e-invoice turnover limits of more than 500 crores starting on October 1, 2020.

Registration of mobile’s IMEI number:

Before the initial sale of a newly released mobile phone, all mobile phone makers must register the IMEI number of each device made in India with the Indian Counterfeit Device Restriction portal as of January 1, 2023.

The new regulation seeks to ensure every mobile phone sold in India has an authentic IMEI number that can be tracked electronically. The new procedure will assist consumers in blocking their smartphones or feature phones if they are lost or stolen so that they cannot be used inappropriately.

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