Several financial changes affecting consumers and businesses have come into effect from June 1. One significant change involves additional security measures for Unified Payments Interface (UPI) transactions, especially for high-value transactions. Larger transactions may now require extra layers of authentication beyond the usual PIN verification on payment platforms.
Another notable update pertains to ATM withdrawals. UPI-based cardless cash withdrawals will now be counted within banks’ monthly free withdrawal limits. Customers exceeding these limits could face additional charges.
For taxpayers, June 15 marks an essential deadline for the first instalment of advance tax for FY2026-27. Individuals with estimated tax liabilities exceeding Rs 10,000 must pay 15% of the estimated tax liability by this date, or risk incurring interest charges for missing the deadline.
Reports indicate that the Employees’ Provident Fund Organisation (EPFO) is testing a system to enable provident fund withdrawals through UPI. This potential facility could streamline withdrawals and reduce processing time for employees.
Additionally, revised rules around PAN usage have been introduced. PAN may no longer be mandatory for certain cash deposits exceeding Rs 50,000. However, reporting requirements for higher-value transactions remain applicable if total annual cash deposits or withdrawals surpass prescribed thresholds.
Changes in property transaction rules include an increased threshold for mandatory PAN disclosure during property purchases and sales. Moreover, additional reporting requirements have been implemented for high-value transactions, gift deeds, and joint development agreements.
Commercial LPG prices have seen an increase, with a Rs 42 hike in the price of a 19-kg commercial LPG cylinder in Delhi. Prices have also risen in other cities. State-owned oil marketing companies (OMCs) have raised prices of 5-kg free trade LPG cylinders, while domestic LPG cylinder prices remain stable, offering relief to households.
Furthermore, the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting is scheduled between June 3 and June 5. Consumers are advised to monitor petrol, diesel, and CNG prices closely, considering the impact of global crude oil movements and geopolitical developments on domestic fuel prices.
