Key Financial Rule Changes Coming into Effect from July 1

Several important financial and banking rule changes will come into effect across India from July 1. Taxpayers filing ITR-1 and ITR-2 for the relevant assessment year must submit their returns by July 31 to avoid penalties. Meanwhile, UIDAI has announced a six-month waiver of the Rs.75 fee for updating the registered email address in Aadhaar, effective from July 1.

In addition, SBI and HDFC Bank are introducing changes to credit card reward programmes and airport lounge benefits. Passport service charges will also be revised. Under new RBI guidelines, banks will be required to protect customers from misleading financial product sales, allowing eligible consumers to seek refunds and compensation. Fuel and LPG prices may also be revised at the beginning of the month.