As of July 1, 2025, India is seeing a wave of key financial reforms aimed at enhancing security, transparency, and user experience. Here’s a breakdown of what’s changing:
1. Aadhaar Verification Mandatory for New PAN Cards
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From today, all new PAN card applications require mandatory Aadhaar authentication—no other ID accepted
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Existing PAN holders must link Aadhaar by December 31, 2025, or risk PAN deactivation
2. Extended Deadline for ITR Filing
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The last date to file Income Tax Returns for AY 2025–26 is now September 15, 2025, extended from July 31—offering taxpayers additional time
3. Tatkal Train Bookings Require Aadhaar OTP
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From July 15, Tatkal bookings—both online and at counters—demand Aadhaar-based OTP verification .
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Booking windows will be blocked for agents in the first 30 minutes to ensure fairness .
4. Revised ATM & Service Fees by Major Banks
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ICICI Bank:
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International ATM withdrawals: ₹125 per transaction
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Branch cash transactions: Free up to 3/month, then ₹150 each .
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Axis Bank:
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Dedicated ATM fee structure for out-of-network/savings/NRI accounts—typically ₹23 per transaction .
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5. Changes to Credit Card Fee Structures
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SBI Card:
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Removal of air-accident insurance on premium cards (Elite, Miles)
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Revised Minimum Amount Due (MAD) calculations with possible higher due amounts
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HDFC Bank:
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1% fee (up to ₹4,999) on:
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Rent payments
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Digital wallet reloads > ₹10,000
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Utility bill payments > ₹50,000 (insurance exempted)
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Skill‑game spends > ₹10,000
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6. Other Important Regulatory Updates
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UPI chargebacks: NPCI has simplified this customer-friendly resolution process .
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GST returns: GSTN is tightening GSTR‑3B and auto-populating formats to enhance compliance .
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Small savings interest rates may be revised for the next quarter (July–September 2025) .
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RBI call money market hours extended from 5 PM to 7 PM .
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EPFO: New deadlines for UAN activation to ensure smooth EPF account access .
What You Should Do Now
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Link Aadhaar to PAN before year-end to avoid deactivation.
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Plan ITR filing with the extended September deadline—early submission avoids technical glitches.
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Review your bank usage—monitor ATM withdrawals and adjust card transactions to minimize charges.
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Tatkal travel? Ensure your Aadhaar is linked and mobile number is up-to-date for OTP.
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Keep an eye on upcoming updates about small savings rates and GST return formats.
Keeping track of these changes helps you stay compliant, avoid surprises, and make smarter financial decisions.
Read more on our website: Future Ready, your go-to platform for the best educational content and latest updates.
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