Monthly updates

7) From Jan 2021, a new and more robust cheque clearing system called Positive Pay System was introduced. Also contactless card transaction limit has been enhanced from Rs 2000/- to Rs 5000/-.

Particulars Old New
Income Tax Filing Deadline
  • Last date for filing Income Tax returns for FY 2019-20 was Dec 312020
  • Last date for filing Income Tax returns for FY 2019-20 has been extended to 10Jan 2021
Contactless payment limit
  • Contactless card transactions and e mandates for regularly occurring transactions through cards and UPI was Rs 2000/-
  • Contactless card transactions and e mandates for regularly occurring transactions through cards and UPI increased to Rs 5000/-
Positive PaySystem Cheque Initiative
  • Cheque clearing by presenting physical cheque
  • Cheque issuers to send details for cheque drawee bank through channels like SMS, mobile banking, internet banking, etc
  • Facility available for cheque above Rs 50,000/-.
  • Mandatory for cheque amount of Rs 5 lakhs or more
  • Will provide additional check and avoid frauds, tampering of cheque, etc.

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