From July 1, a slew of new rules affecting everything from tax filing and banking to train travel and fuel purchases in Delhi are set to kick in. These include changes to income tax return (ITR) deadlines, Aadhaar requirements, credit card charges, and railway ticketing procedures, among others.
According to a report, banks such as HDFC, SBI, ICICI, and Axis will be revising their service fees. Axis Bank is also raising ATM transaction charges beyond the free limits for customers holding savings, NRI, trust, Priority, and Burgundy accounts. Withdrawals from out-of-network ATMs will now cost Rs 23 per transaction.
Starting Tuesday, the Central Board of Direct Taxes (CBDT) has made Aadhaar verification mandatory for all new PAN card applications. Until now, a government-issued ID like a driving license and a birth certificate was sufficient. Existing PAN cardholders must link their Aadhaar by December 31, failing which their PAN may be deactivated.
Aadhaar verification will also be required for booking Tatkal train tickets. Additionally, beginning July 15, Indian Railways will implement two-factor authentication for all ticket bookings, including both online and in-person purchases. This will involve an OTP sent to the registered mobile number. Alongside this, Indian Railways is adjusting its reservation protocol, with waitlist charts now set to be finalised eight hours before a train’s departure instead of the existing four, giving waitlisted passengers more time to plan alternate travel.
A modest fare hike is also anticipated—ranging from one paisa per kilometre for non-AC coaches to two paise for AC coaches.
Meanwhile, there’s good news for procrastinators in pressed shirts and Excel fatigue— the deadline for filing income tax returns has been extended from July 31 to September 15. That’s 46 extra days to stare at Form 16, panic briefly, and then continue pretending it doesn’t exist until mid-September. It’s like the government saw our stress and said, “Here, have a little more time to not do your taxes.”
Credit card users, particularly customers of SBI, HDFC, and ICICI, will see a revision in terms and charges. SBI is discontinuing air accident insurance on select premium cards like SBI Elite, Miles Elite, and Miles Prime when used for flight ticket bookings. The bank is also expected to revise the calculation method for the Minimum Amount Due (MAD) on monthly bills.
HDFC Bank is introducing a 1 percent transaction fee, capped at Rs 4,999 per transaction, for rent payments and spending above Rs 10,000 on online skill-based games. The same charge will apply to utility payments exceeding Rs 50,000 in a month, except for insurance transactions. A 1 percent fee—again capped at Rs 4,999—will also be levied for adding more than Rs 10,000 to a digital wallet in a single transaction using an HDFC credit card.
ICICI Bank customers will also face a series of changes. The first five ATM withdrawals from ICICI ATMs remain free, after which a fee of Rs 23 per withdrawal will be charged. Non-financial transactions remain free. At non-ICICI ATMs, users in metro cities will get three free transactions, and five in non-metro areas. Beyond that, cash withdrawals will incur a Rs 23 fee and non-financial transactions will cost Rs 8.5
International ATM withdrawals will now cost Rs 125 for cash transactions and Rs 25 for non-financial ones, along with a 3.5 percent currency conversion fee. Online fund transfers via IMPS will now be charged between Rs 2.5 and Rs 15, depending on the amount. Additionally, customers get three free cash transactions per month at cash recycler machines (CRMs); subsequent transactions will cost Rs 150 each.
Depositing over Rs 1 lakh per month will also incur a fee of Rs 150 or Rs 3.50 per Rs 1,000, whichever is higher. Third-party cash deposits are limited to Rs 25,000 per transaction.
Among other changes, the Government of the National Capital Territory of Delhi is turning up the heat on pollution by cutting off the fuel supply to old clunkers.
With effect from July 1, fuel stations across the city will play bouncer, refusing entry to End-of-Life (EoL) vehicles. And how will they spot these fossil-fueled fossils? With the help of high-tech Automated Number Plate Recognition (ANPR) cameras—520 of them, to be exact—installed at every petrol and diesel station. These cameras will snap your number plate faster than a traffic cop on a sugar rush and run it through the VAHAN database. If your ride’s too old, it’s no fuel for you. Time to finally say goodbye to that smoky four-wheeler from the early 2000s—or at least keep it far, far away from the pump.
In financial markets, the Reserve Bank of India has extended trading hours for the interbank call money market. Effective July 1, trading will now be open from 9 am to 7 pm IST, giving banks two extra hours daily to manage liquidity by borrowing and lending funds.
On the GST front, a key change will be implemented this month. From July onward, GSTR-3B returns will become non-editable once filed. The returns will be auto-populated using data from GSTR-1 and 1A, and no amendments will be allowed after submission.
These changes, although wide-ranging, aim to enhance transparency, improve operational efficiency, and ensure better compliance across the board—from digital banking and public transport to tax administration and environmental control.
Also Read: India, US Edge Closer To Trade Pact As Strategic Ties Deepen https://www.vibesofindia.com/india-us-edge-closer-to-trade-pact-as-strategic-ties-deepen/
