Key Regulatory, Banking And Payment Changes Take Effect Across India From June 1

New Delhi, Jun 1 (KNN) Several regulatory and operational changes have come into effect from June 1, impacting household expenses, digital payments, banking services, taxation and public transport across the country.
 
PNG Users Required To Surrender LPG Connections
 
One of the major changes relates to domestic cooking fuel. Following amendments to the Liquefied Petroleum Gas (LPG) Regulation Order, households that obtain a Piped Natural Gas (PNG) connection will be required to surrender their existing LPG cylinder connections within 30 days of activation.
 
To facilitate the transition, public sector oil marketing companies have introduced a Connection Transfer Voucher mechanism that allows consumers to restore their LPG connection later if they relocate to areas without PNG access. Domestic and commercial LPG cylinder prices are also set for their routine monthly revision from June 1.
 
NPCI Introduces Name Verification For UPI Payments
 
In the digital payments space, the National Payments Corporation of India (NPCI) has implemented a new verification feature across UPI platforms, reported Business Today. 
 
Under the revised system, users making peer-to-peer or merchant payments will be shown the recipient's bank-verified legal name before entering their UPI PIN, aimed at reducing mistaken transfers and fraudulent transactions.
 
Banks Revise ATM Charges And PAN Norms
 
Banks have also introduced changes to certain service charges and compliance requirements. Several lenders have begun stricter enforcement of free ATM transaction limits, after which customers may incur higher charges for withdrawals and other services.
 
At the same time, banks have relaxed PAN requirements for cash deposits up to Rs 50,000. However, PAN remains mandatory for specified high-value transactions, including family gifts and property deals exceeding Rs 20 lakh.
 
Banks Revise ATM Charges And PAN Norms
 
Taxpayers will also need to prepare for advance tax compliance. Individuals with an estimated annual tax liability above Rs 10,000 must pay 15 percent of their advance tax by June 15 to avoid interest penalties.
 
Under the new income tax framework, certain exemptions available under the old tax regime have been enhanced. The Children Education Allowance exemption has been increased to Rs 3,000 per month per child, while the hostel allowance exemption has been raised to Rs 9,000 per month. 
 
Several cities, including Bengaluru, Pune, Hyderabad and Ahmedabad, have also been brought under the higher 50 percent House Rent Allowance (HRA) exemption category.
 
Southern Railway Revises Chennai Suburban Train Timings
 
Meanwhile, railway commuters in Chennai will need to adjust to revised train schedules. Southern Railway has implemented a new timetable covering more than 200 suburban train services on the Chennai Beach-Tambaram-Chengalpattu corridor from June 1.
 
Passengers have been advised to verify updated schedules through station notices and digital railway platforms before planning their journeys.
 
(KNN Bureau)