From PAN Rules To Railway Fares, Know Money-Related Changes Affecting You From July 1

From July 1, 2025, several new regulations will be implemented across various sectors in India, impacting millions. These changes cover areas such as rail transport, taxation, and banking.

The updates include mandatory Aadhaar for PAN applications, increased rail fares, revised credit card charges, and a fuel ban on older vehicles in Delhi. These measures aim to enhance compliance and improve public services.

Banking Sector Updates

HDFC Bank will start charging service fees on certain digital transactions from July 1. Customers using HDFC credit cards will incur a 1% fee on rent payments, wallet reloads over ₹10,000, utility bill payments exceeding ₹50,000, and gaming transactions above ₹10,000. Each transaction has a maximum charge cap of ₹4,999.

SBI Card announced changes effective July 15. Complimentary air accident insurance will be removed from some premium credit cards like ELITE and PRIME variants. Additionally, the Minimum Amount Due (MAD) calculation on monthly bills will change to include GST and other charges.

Railway Fare Adjustments

Indian Railways will increase passenger fares starting July 1. Non-AC class fares in Mail and Express trains will rise by 1 paise per kilometer, while AC class fares will go up by 2 paise per kilometer. This adjustment aims to offset rising operational costs and enhance service quality.

For Tatkal train ticket bookings via the IRCTC website or app, Indian Railways now requires Aadhaar or other government-issued IDs linked through DigiLocker for verification. OTP-based authentication for Tatkal bookings is also planned by the end of July to prevent misuse.

Environmental Measures in Delhi

The Government of Delhi is enforcing a fuel ban on End-of-Life vehicles starting July 1 to improve air quality. Automated Number Plate Recognition cameras are installed at all petrol and diesel stations to identify vehicles without valid Pollution Under Control Certificates (PUCC). Such vehicles will be denied fuel service.

ICICI Bank customers should note upcoming changes in ATM transaction charges beyond free limits. Revised IMPS fees based on transaction amounts and higher cash handling fees at branches are also being introduced.

Extended Deadlines and Market Hours

The CBDT has extended the income tax return filing deadline for FY 2024–25 to September 15, providing taxpayers an additional 46 days to file without penalties. This extension offers relief to individuals and businesses alike.

The Reserve Bank of India has extended the interbank call money market trading hours from 9 a.m.–5 p.m. to 9 a.m.–7 p.m., effective July 1. This allows banks two extra hours daily for borrowing and lending funds.

Axis Bank is increasing ATM transaction charges beyond free monthly limits for savings accounts and others like NRI and Priority accounts. For instance, out-of-network ATM withdrawals will now cost Rs 23 per transaction.

GST Return Changes

The Goods and Services Tax Network (GSTN) will lock GSTR‑3B returns once filed from July onward. Returns will be auto-populated using GSTR‑1/1A data and cannot be amended after submission.

Indian Railways is adjusting its reservation chart preparation time from four hours before departure to eight hours prior. This change gives waitlisted passengers more time to make alternative travel arrangements if needed.

Aadhaar Mandatory For PAN

The Central Board of Direct Taxes (CBDT) has mandated that Aadhaar verification is now required for all new Permanent Account Number (PAN) applications. Previously, applicants could use other identification documents like voter ID cards or birth certificates to obtain a PAN card.