Financial Changes from Today: New UPI Security, ATM Rules, and LPG Hikes Hit India

New Delhi (IANS): Several major financial updates hit consumers and businesses today, June 1, bringing new UPI security measures, stricter ATM rules, tax deadlines, and costlier commercial LPG.

Here is how these changes affect you:

Stricter Rules for UPI and ATMs

• Extra Security for High-Value UPI: Payment platforms are introducing additional security layers for large transactions. Customers will soon need extra authentication beyond the conventional PIN.
• ATM Limits Include Cardless Withdrawals: Banks now count UPI-based cardless cash withdrawals toward your monthly free ATM limit. Exceeding this limit will trigger extra fees.
• UPI for EPF Withdrawals: The Employees’ Provident Fund Organisation (EPFO) is testing a system to let employees withdraw provident fund money directly via UPI, which will slash processing times.

Revised Tax and PAN Regulations

• Advance Tax Deadline: Taxpayers must pay the first installment (15%) of their estimated advance tax for FY 2026-27 by June 15 if their total liability exceeds Rs 10,000. Missing this date attracts interest charges.
• Relaxed PAN Rules for Cash Deposits: Banks no longer mandate a PAN for certain single cash deposits over Rs 50,000. However, they will still report transactions if your total annual cash activity crosses prescribed thresholds.
• Property Deals: Authorities have raised the monetary threshold that mandates PAN disclosure for buying and selling property. However, they have also added stricter reporting rules for high-value transactions, gift deeds, and joint development agreements.

Fuel and LPG Price Hikes

• Commercial LPG Costs More: State-owned oil marketing companies (OMCs) hiked the price of a 19-kg commercial LPG cylinder by Rs 42 in Delhi, with similar hikes hitting other cities. OMCs also raised the price of 5-kg free-trade cylinders.
• Relief for Households: OMCs kept domestic LPG cylinder prices unchanged, offering relief to household budgets.
• Fuel Watch: Consumers continue to closely monitor petrol, diesel, and CNG prices as global crude shifts and geopolitical tensions drive domestic fuel costs.

Looking Ahead

The financial sector is also bracing for the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting, scheduled between June 3 and June 5, which could signal future interest rate directions.