Rules Change from June 1st: There are only three days left for the month of May to end. June is the next month. Like every other month, this month too will see many changes that are expected to impact your life and your pocket. These changes include LPG cylinder prices, PAN and UPI rules, and reductions in ATM transaction fees. Let's take a look at some of these changes coming from June 1st:

The country's state-owned oil companies review the prices of LPG gas cylinders on the first of every month. Given the recent fluctuations in crude oil prices, new rates for commercial and domestic gas cylinders will be released on June 1st.

The government has changed the rules for displaying a PAN card. The good news is that you no longer need a PAN card to deposit more than ₹50,000 in cash in a single day. Instead, you'll only need to provide your PAN if the total cash deposits or withdrawals from all your bank accounts in a financial year exceed ₹1 million. However, the rules for property transactions have been tightened.

You'll need a PAN for property transactions worth more than ₹20 lakh. Previously, this limit was ₹10 lakh, and if the transaction exceeds ₹45 lakh, presenting a PAN has become strictly mandatory. Furthermore, cash withdrawals exceeding ₹10 lakh in a year will now be monitored and reported. If you don't have a PAN card, the old Form 60 is no longer valid. You'll need to use the new Form 97 instead.

Many trains will be cancelled

Indian Railways is set to begin major infrastructure development projects and track upgrades in June. This will result in significant disruptions to train services. It is estimated that approximately 77 trains will be cancelled. The routes and timetables of several other trains may be altered. This will be impacted in several states, including West Bengal, Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Jharkhand, and Odisha. Railway officials have advised passengers to check the train timetables and operational status before embarking on their journey.

Banking Terms and ATM Charges

Several banks have recently revised their ATM transaction policies and cash withdrawal limits. Further changes are expected in June. HDFC Bank recently added cash withdrawals from UPI ATMs to its free ATM transaction limit. Punjab National Bank has also reduced the daily cash withdrawal limit on select debit cards.

Banks may also review fixed deposit (FD) interest rates based on liquidity conditions and the Reserve Bank of India's (RBI) upcoming monetary policy decisions. Customers are advised to monitor the bank's official notifications regarding ATM charges, cash withdrawal limits, and deposit rates.

New rules on solar panels

New rules related to the 'Approved List of Models and Manufacturers' (ALMM) are set to come into effect from June 1. Under this changed framework, only solar modules and cells listed in ALMM List-I and List-II will be eligible for use in government-assisted projects, net-metering installations, and various subsidy programs. The government has indicated that no general exemptions will be granted for meeting the ALMM List-II requirements after June 1, although relief may be considered in specific cases. Industry experts believe that this move may increase solar panel prices in the short term, but it will also strengthen domestic manufacturing capacity and quality standards.

PC:ABPNews