New Delhi, June 1: As June begins, several significant financial changes affecting everyday transactions are set to take effect. These include enhanced security for the UPI payment system, revised ATM withdrawal rules, amendments related to PAN cards, and deadlines for advance tax payments. The aim of these changes is to increase the security of digital transactions and enhance transparency within the financial system.
Under the new regulations, the UPI payment system will see improved security measures in 2026. Large transactions will no longer be permitted solely based on a 4 or 6-digit UPI PIN. Apps like Google Pay, PhonePe, and Paytm will require additional verification for high-value transactions. This may include fingerprint recognition, facial recognition, or device-based two-factor authentication. The goal is to reduce instances of online fraud.
For taxpayers, June 15 is a crucial date. The first installment of advance tax for the fiscal year 2026-27 must be submitted by this date. Those with a total tax liability exceeding ₹10,000 must pay 15% of their estimated tax by June 15. Failing to meet this deadline may incur a penalty of 1% interest per month.
Additionally, one of the month’s most anticipated events is the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting scheduled from June 3 to 5. The market is divided on whether the central bank will alter the repo rate, but the RBI’s commentary on inflation, economic growth, and liquidity will also be significant. Any indications regarding future interest rate cuts or hikes could impact home loan EMIs, fixed deposit returns, and overall borrowing costs in the coming months.
On June 1, commercial LPG prices have once again increased. According to the new prices effective Monday, the cost of a 19 kg commercial LPG cylinder in Delhi has risen by ₹42, now totaling ₹3,113.50 per cylinder. Kolkata has seen an even larger increase, with prices rising by ₹53.50 to ₹3,255.50 per cylinder. This hike is attributed to rising fuel and transportation costs.
Moreover, oil marketing companies have also raised the price of 5 kg free trade LPG (FTL) cylinders by ₹11. In Delhi, the price for a 5 kg FTL cylinder will now be ₹821.50. However, there has been no change in the prices of domestic LPG cylinders, providing some relief to household consumers.
Consumers should also keep an eye on petrol, diesel, and CNG prices, which have seen multiple adjustments recently. The movement of global crude oil and geopolitical events, especially in West Asia, may continue to influence domestic fuel prices. Rising fuel costs often have a broad impact on transportation, logistics, and household expenses.
Starting this June, UPI apps will introduce a new feature that displays the verified official name of the beneficiary before making a payment. This information will be sourced from a secure database, reducing the likelihood of sending money to the wrong account and allowing users to confirm all details before proceeding with payments.
Additionally, UPI-based cardless ATM withdrawals will now count towards the bank’s monthly free withdrawal limit. If customers exceed the set limit, they may incur additional charges. This rule will apply similarly to ATM withdrawals made with debit cards.
Reports indicate that the Employees’ Provident Fund Organization (EPFO) is testing a new system that will allow employees to withdraw their provident fund via UPI. If implemented, this could streamline the withdrawal process, making it faster and easier while reducing reliance on traditional approval procedures.
According to new tax regulations, PAN cards will no longer be mandatory for cash deposits exceeding ₹50,000. However, if an individual’s total cash deposits or withdrawals in a financial year exceed ₹1 million, PAN-related rules will apply, and necessary information must be provided.
The threshold for providing a PAN number in real estate transactions has also been raised. Previously, PAN was required for property purchases or sales exceeding ₹1 million, but this limit has now increased to ₹2 million. Additionally, reporting will now be mandatory for transactions involving properties valued over ₹4.5 million, gift deeds, and joint development agreements.
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