New financial rules from July 1: PAN, Aadhaar, ITR, banks

A host of new financial regulations have come into effect from July 1, 2025, impacting several areas including taxation, rail ticketing, and banking services.

The Central Board of Direct Taxes (CBDT) has made Aadhaar authentication mandatory for anyone applying for a new PAN card.

Additionally, existing PAN holders who have not yet linked their Aadhaar will need to do so by December 31, 2025, or risk deactivation of their PAN.

For rail passengers, Indian Railways has begun implementing Aadhaar-based OTP verification for booking Tatkal tickets. This applies both to online and counter bookings and aims to curb misuse and fraud. A two-factor authentication system is also expected to roll out by July 15.

Reports suggest a minor fare revision of 1–2 paise per kilometre may accompany these changes.

In a relief for taxpayers, the deadline to file Income Tax Returns (ITRs) has been extended from July 31 to September 15. This provides an additional 46 days for individuals, particularly salaried employees, to complete their filings without penalty.

Credit card users will see several changes, especially from banks like SBI, HDFC, and ICICI. SBI has removed air accident insurance benefits on select premium cards and revised how the minimum amount due is calculated.

HDFC Bank has introduced a 1% fee (capped at ₹4,999) on rent payments and online gaming transactions above ₹10,000, among other thresholds.

ICICI Bank has adjusted ATM withdrawal charges: users now get five free withdrawals at ICICI ATMs monthly, with a fee of ₹23 thereafter.

At non-ICICI ATMs, metro users get three free withdrawals, and non-metro users get five; additional transactions attract the same fees.

ICICI has also revised IMPS (Immediate Payment Service) fees, and international transactions now carry a ₹125 charge per withdrawal and a 3.5% forex markup.

Additionally, ATM cash deposits beyond three free CRM transactions a month now incur a ₹150 fee. Cash deposits over ₹1 lakh in a month will be charged at ₹150 or ₹3.50 per ₹1,000, whichever is higher.

These changes reflect a broader effort to improve compliance, boost security, and enhance user transparency across India’s financial ecosystem. Citizens are advised to review these updates carefully to avoid additional costs or disruptions.