The new bill, adopted by parliament at exceptional speed, had been expected to take effect on November 1.
But it was published in the country's legal gazette yesterday, which means it will become operational today.
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Germany has become Europe's top destination for refugees, most of whom travel through Turkey and the Balkans.
It is expecting to receive up to a million migrants this year, after around 200,000 in 2014.
Chancellor Angela Merkel has attempted to rally Germans to the task of welcoming hundreds of thousands of people fleeing war and persecution. However she now faces a backlash for her open-door policy and has seen her approval rating fall in the process.
The new law seeks to restrict the right of political asylum to exceptional cases for nationals from Albania, Montenegro and Kosovo.
These three Balkan nations will be added to the list of "safe" countries, meaning their citizens will not normally be eligible for political asylum.
Furthermore the multiple cash allowances available to asylum seekers while their cases are being processed will be replaced by benefits in kind, in a bid to make Germany a less attractive destination for migrants.
In addition, expulsion procedures for those denied asylum will be accelerated.
"We want to improve and we want to improve quickly, as early as this year, as regards expelling asylum seekers who do not the right to remain here," said Altmaier.
Meanwhile agreement appears to be emerging within Merkel's coalition government for setting up a string of "transit zones" on Germany's borders to allow would-be refugees who do not fulfil asylum criteria, such as economic migrants, to be moved out easily and quickly.
Interior Minister Thomas de Maiziere spoke of "an agreement in principle" on the idea, while stressing that there were still details to be clarified.
The Social Democratic Party (SPD), part of Merkel's left-right coalition, have long opposed the idea of refugee "camps" but have finally agreed to the scheme, while stressing migrants should be housed in existing buildings.
The SPD has had to take into account the growing unrest at the influx. The surge in arrivals has fuelled xenophobia and crimes against refugee shelters, including arson.
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