New Delhi, June 1 (IANS) Several financial changes affecting consumers and businesses have come into effect from June 1, ranging from security measures for Unified Payments Interface (UPI) transactions and changes in ATM withdrawal rules to tax-related deadlines and higher commercial LPG prices.
One of the key changes relates to UPI payments, where additional security measures are expected to be introduced for high-value transactions. Under the new framework, larger transactions may require extra layers of authentication beyond conventional PIN-based verification on payment platforms.
In another major update, changes have been introduced for ATM withdrawals. UPI-based cardless cash withdrawals will now be included within banks’ monthly free withdrawal limits, meaning customers exceeding free transaction limits could face additional charges.
For taxpayers, June 15 remains an important deadline as the first instalment of advance tax for FY2026-27 must be paid by then.
Individuals whose estimated tax liability exceeds Rs 10,000 are required to pay 15 per cent of their estimated tax liability by the due date. Missing the deadline could attract interest charges.
Reports also suggest that the Employees’ Provident Fund Organisation (EPFO) is testing a system that could allow employees to withdraw provident fund money through UPI. If implemented, the facility could reduce processing time and simplify withdrawals.
Meanwhile, tax-related rules around PAN usage have been revised. Under the new rules, PAN may no longer be mandatory for certain cash deposits exceeding Rs 50,000.
However, reporting requirements linked to higher-value transactions remain applicable if total annual cash deposits or withdrawals cross prescribed thresholds.
Similarly, rules governing property transactions have changed, with the threshold requiring mandatory PAN disclosure for property purchases and sales being increased.
Additional reporting requirements have been introduced for high-value transactions, gift deeds and joint development agreements.
Meanwhile, commercial LPG prices have increased. The price of a 19-kg commercial LPG cylinder in Delhi has been raised by Rs 42, while prices have also increased in other cities.
Notably, state-owned oil marketing companies (OMCs) raised prices of 5-kg free trade LPG cylinders. However, domestic LPG cylinder prices remain unchanged, offering some relief to households.
Besides, the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting is scheduled between June 3 and June 5.
Consumers are also expected to closely monitor petrol, diesel and CNG prices amid evolving global crude oil movements and geopolitical developments which continue to influence domestic fuel prices.
–IANS
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