5. FASTag Mandatory For All Four Wheelers
The FASTag is now mandatory for all four-wheelers effective from January 1, 2021. The Union Ministry of Road Transport and Highways issued a notification that FASTag will be mandatory for four-wheelers or M&N category of vehicles that were sold before December 1, 2017.
6. LPG Price
Now, the fuel retailers can revise the prices of LPG cylinders on the first day of every month. It is primarily dependent on the international benchmark rate of LPG, and the US dollar and rupee exchange rate. It was hiked twice last month.
7. Standard Term Life Insurance
IRDAI, in October, had ordered all the life insurance companies to mandatorily come out with a standard, individual term life insurance policy called ‘Saral Jeevan Bima’ from January 1. Any person between the age of 18 to 65 can buy Saral Jeevan Bima policy. It will have a minimum and maximum sum assured of INR 5 Lakh and INR 25 Lakh, respectively.
8. Buying Car Price Will Be Costly
Many automobile companies are increasing the prices of their cars up to 5%. It is due to coping up with the increasing input costs. The input cost increased because of updating from BS4 to BS6 norms. Even, two-wheeler companies planning to increase the cost of their bikes and mopeds.
