Hyderabad: New financial rules will take effect from October 1, covering UPI merchant payments, LPG subsidies, SBI ATM transactions and tax filing.
The changes will affect several areas of personal finance. In particular, banking, taxation, savings schemes and cooking gas services will see revised provisions.
Therefore, consumers and taxpayers will need to note the changes before using the affected services. The new provisions will apply from the start of October.
The UPI framework will introduce a new Merchant Discount Rate structure for business transactions above Rs.2,000. However, customers will not pay these charges directly, according to the information provided.
Personal UPI transactions, meanwhile, will continue without charges.
The Central Board of Direct Taxes has also extended tax-related deadlines. For assessment year 2026-27, taxpayers will get time until October 21 to submit tax audit reports.
In addition, the deadline for filing income tax returns will move to November 21.
New financial rules change LPG subsidy and SBI ATM limits
LPG consumers will face a new authentication requirement. From October 1, customers must complete biometric Aadhaar authentication to receive subsidised cylinders.
Otherwise, consumers who do not complete the process will have to purchase cylinders at the market price.
The State Bank of India has also changed the free ATM transaction limit for salary package account holders. Specifically, the monthly limit at other banks’ ATMs will fall from 10 transactions to five.
The revised limit will cover both financial and non-financial transactions. However, Basic Savings Bank Deposit account holders will continue to receive four free cash withdrawals each month.
After those four transactions, SBI will charge Rs.15 plus GST for every additional withdrawal.
In addition, other changes will affect taxpayers and investors. People buying property from non-resident Indians can use PAN instead of a separate TAN for TDS purposes.
Meanwhile, new National Pension System subscribers will face a Rs.200 onboarding charge.
The Reserve Bank of India’s Monetary Policy Committee will meet from October 5 to 7. Subsequently, the RBI will announce its interest rate decision on October 7.
At its previous meeting, the RBI kept the repo rate unchanged at 5.25 per cent.