June has seen several financial changes taking place which could potentially impact the way millions of Indians pay for things, withdraw money or adhere to their tax obligations.
Starting from UPI transactions, ATMs withdrawals, PAN requirements and advance tax filing deadline among other areas have undergone changes. Financial analysts suggest people become aware of the new guidelines to ensure there aren't any hitches along the way.
UPI payments receive enhanced security
Among the notable financial change is the enhanced safety protocols put in place to safeguard UPI payment process going forward. High value UPI transactions will need an extra layer of authentication than the regular UPI PIN. The users will be required to authenticate their payment by using biometrics such as fingerprint, facial recognition or even device authentication.
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The measure has been put in place to combat fraud cases related to digital payment method. The recipient name verification is another new thing that has come up for transactions made through UPI. The person will see the real name of the recipient after making a transaction, thus minimizing mistakes.
ATM withdrawal rules updated
Consumers using cardless cash withdrawal facilities through UPI should also take note. From June 1, UPI-based ATM withdrawals will be counted within a bank's monthly free transaction limit. Once customers exceed their allotted free withdrawals, banks may levy charges similar to those applicable on debit card transactions.
Banking experts advise customers to monitor the number of ATM withdrawals each month to avoid additional fees.
Advance tax deadline approaching
For taxpayers, June 15 remains an important date. Individuals whose annual tax liability exceeds ₹10,000 are required to pay the first instalment of advance tax for the financial year 2026-27 by that date.
The payment must account for 15 per cent of the estimated annual tax liability. Missing the deadline could attract interest under existing income tax provisions.
PAN rules revised for high-value transactions
Changes have also been introduced in PAN-related compliance requirements.
Under the revised norms, PAN is no longer mandatory for routine cash deposits exceeding ₹50,000. However, PAN compliance will continue to apply once cumulative cash deposits or withdrawals cross ₹10 lakh during a financial year.
The threshold for quoting PAN in property transactions has also been revised. The requirement has been increased from ₹10 lakh to ₹20 lakh for buying or selling immovable property.
In addition, reporting requirements will apply to property transactions above ₹45 lakh, as well as certain gift deeds and joint development agreements.
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EPFO tests UPI-based withdrawals
Yet another change under consideration involves the Employees' Provident Fund Organisation’s pilot project that would facilitate withdrawal of provident funds via UPI.
Though this facility has not been officially made available, there have been reports that EPFO is working on improving the withdrawal process by making it faster and minimizing any delays. This can prove beneficial for many subscribers, in case it is made a nation-wide practice.
These recent developments can be seen as an effort towards adopting more secured digital payment methods, compliance with tax regulations and transparency in financial transactions.
From a consumer’s perspective, it will only pay to know about the recent changes in order to steer clear of problems like non-payment and other fees.
