Rules Change from 1st June: Now only three days are left for the month of May to end. Now the next month is June. Like every month, many such changes are going to happen this month too, which are expected to have an impact on your pocket and your life. These changes include reduction in LPG cylinder prices, rules related to PAN and UPI and ATM transaction fees. Let us take a look at some such changes taking place from June 1:-

LPG cylinder price

The country’s government oil companies review the prices of LPG gas cylinders on the first of every month. In view of the recent fluctuations in crude oil prices, new rates for commercial and domestic gas cylinders will be released on June 1.

Also read: Inflation News: Your increasing luxuries are eating away your funds, what is ‘Lifestyle Inflation’?

Rules regarding PAN Card

The government has changed the rules for showing PAN card. The good news is that now you will not need a PAN card to deposit more than Rs 50,000 cash in a single day. Instead, now you will have to disclose your PAN only when the total cash deposit or withdrawal from all your bank accounts in a financial year exceeds Rs 10 lakh, but on the other hand, the rules have been tightened in property related deals.

You will need PAN for property transactions worth more than Rs 20 lakh. Earlier this limit was Rs 10 lakh and if the deal is more than Rs 45 lakh, then showing PAN has been made strictly mandatory. Along with this, if you withdraw more than Rs 10 lakh cash in a year, it will now be monitored and reported. If you do not have a PAN card, the old ‘Form 60’ is no longer valid. Instead of this you will now have to use the new ‘Form 97’.

Many trains will be canceled

Indian Railways is going to start work on major infrastructure development projects and track upgrades in June. Due to this, there will be massive disruptions in train services. It is estimated that around 77 trains will be cancelled. At the same time, the routes and time tables of many other trains can be changed. Its impact will be seen in many states, including West Bengal, Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Jharkhand and Odisha. Railway officials have advised passengers to check the time table and operational status of trains before starting their journey.

Banking Rules and ATM Charges

Recently many banks have made changes in ATM transaction policy and cash withdrawal limit. Some more changes can also be made from June. HDFC Bank has recently included the facility of withdrawing cash from UPI ATM in its free ATM transaction limit. Punjab National Bank has also reduced the daily cash withdrawal limit on some selected debit cards.

Banks can also review fixed deposit (FD) interest rates based on liquidity conditions and upcoming monetary policy decisions of the Reserve Bank of India (RBI). Customers are advised to keep an eye on the official information of the bank related to ATM charges, cash withdrawal limits and deposit rates.

Also read: Rupee Value: Rupee is continuously weakening against the dollar, but why is Pakistan’s rupee stable?

New rule on solar panels

The new rules related to ‘Approved List of Models and Manufacturers’ (ALMM) are going to come into effect from June 1. Under this changed framework, only solar modules and cells included in ALMM List-I and List-II will be eligible for use in government-assisted projects, net-metering installations and various subsidy related programs. The government has indicated that after June 1, no general relaxation will be given to meet the requirements of ALMM List-II, although relief may be considered in some special cases. Industry experts believe that this step may increase the prices of solar panels in the short term, but at the same time it will also strengthen the domestic manufacturing capacity and quality standards.