PAN, UPI Rules Change From June 1:All You Need To Know
From LPG price revisions to updated PAN rules and safer UPI payments, several financial changes take effect from June 1.
- Commercial LPG cylinder prices increased from June 1.
- PAN not required for some cash deposits over Rs 50,000.
- Property transaction PAN quote limit raised to Rs 20 lakh.
As June begins, several financial and regulatory changes have come into effect that could affect consumers, businesses and taxpayers across India. The updates include revisions to LPG cylinder prices, changes to PAN-related compliance norms and new measures aimed at enhancing the security of UPI transactions. The changes are designed to strengthen financial systems, improve consumer services and streamline compliance requirements. While some measures focus on making digital transactions safer, others could influence household budgets, business expenses and property-related transactions. Here is a look at the key changes taking effect from June 1.
LPG Prices Revised
Commercial LPG cylinder prices have been revised from June 1. The price of a 19 kg commercial LPG cylinder has increased by Rs 42, while the cost of a 5 kg Free Trade LPG (FTL) cylinder has gone up by Rs 11, according to reports.
The revised rates came into effect from June 1. However, there has been no change in the prices of domestic LPG cylinders.
The latest revision follows a series of adjustments in commercial LPG rates over recent months. Industry observers attribute the changes to prevailing market conditions and developments in global energy markets that continue to influence fuel prices worldwide.
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PAN Rules Updated
June also brings several revisions to PAN-related compliance requirements for financial and property transactions.
Under the updated framework, PAN will no longer be required in certain specified cases for cash deposits exceeding Rs 50,000 in a single day. In addition, the annual cash deposit reporting threshold has been increased from Rs 2.5 lakh to Rs 10 lakh.
The annual cash withdrawal threshold covered under PAN reporting norms has been set at Rs 10 lakh.
Higher Property Limits
The government has also revised thresholds for property-related transactions.
The limit for mandatory quoting of PAN in specified property transactions has been raised from Rs 10 lakh to Rs 20 lakh. Similarly, the reporting threshold for property deals has increased from Rs 30 lakh to Rs 45 lakh.
At the same time, reporting requirements for certain high-value transactions continue to apply. These include specified property transactions, gift-related transfers and select development agreements.
Alongside these changes, enhanced UPI verification measures and recipient name display features are also being introduced to improve transaction security and help reduce the risk of online fraud.
Together, the June updates are aimed at improving convenience, strengthening financial safeguards and supporting a more efficient financial ecosystem.
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