Several key financial and policy changes have taken effect from July 1, affecting households, businesses, taxpayers and banking customers.Commercial LPG cylinders have become significantly cheaper, offering relief to hotels, restaurants and other commercial users. A new law expanding rural wage employment has also come into force, while banks have introduced fresh conditions for credit card rewards and airport lounge access. Aadhaar users can now update their registered email address free of cost for a limited period, and the Reserve Bank of India has enforced stricter consumer protection norms to curb the mis-selling of financial products. In another major move, the Centre has removed temporary restrictions on the retail sale of petrol and diesel after reviewing the country’s fuel supply situation.
VB-G RAM G Act: 125-Day rural employment guarantee introduced
The Centre has replaced the previous rural employment framework with the Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025, which is now operational.The legislation raises the guaranteed wage employment period for eligible rural families from 100 days to 125 days in a financial year. The government has earmarked Rs 95,692.31 crore as an initial allocation to help states and Union Territories implement the programme without disruption. Workers holding existing e-KYC-verified job cards can continue using them until fresh employment cards are issued under the new scheme.
VB-G Ram G effective from July 1
Income Tax Return deadline nears
Individuals required to file ITR-1 or ITR-2 for FY 2025-26 (AY 2026-27) must complete the process by July 31, 2026.Delayed filing could result in additional charges, limit tax-related benefits available to eligible taxpayers and affect the carry-forward of certain losses to future assessment years.Meanwhile, the deadline for filing ITR-3 and ITR-4 has been moved a month to August 31, 2026. These forms are generally used by businesses, professionals, partnership firms, charitable trusts and certain other taxpayers.
Free email updates in Aadhaar
People wishing to add or change the email address linked to their Aadhaar can now do so through the Aadhaar mobile application without paying any fee.The UIDAI has waived the earlier Rs 75 charge for the service till this year end, making it easier for users to keep their Aadhaar details updated online.
Credit Card benefits revised
Customers using select PhonePe SBI Credit Cards will see changes in how reward points are earned. The revised programme places limits on reward accumulation and excludes additional categories of transactions from earning reward points.Separately, HDFC Bank has linked complimentary domestic airport lounge access to customer spending. Cardholders will now have to spend at least Rs 60,000 during the previous calendar quarter to receive up to three complimentary lounge visits in the next quarter.
Commercial LPG gets cheaper
Businesses using commercial cooking gas saw a reduction in operating costs after oil marketing companies cut the price of commercial LPG cylinders by Rs 183.50 in Delhi.Following the revision, a 19-kg commercial LPG cylinder in Delhi is priced at Rs 2,930, while the 5-kg Free Trade LPG (FTL) cylinder now costs Rs 808.50, down by Rs 13. The price revision applies only to commercial cylinders, with domestic LPG cylinder rates remaining unchanged.
Passport Services cost more
Those applying for a passport from July 1 will have to pay higher charges after the government revised the fee structure for passport-related services.The updated rates apply to both regular and Tatkaal applications submitted within India as well as through Indian missions abroad. Passport application fees have been revised upward from July 1, making both fresh applications and renewals more expensive.For adults, the fee for a 36-page passport under the normal scheme has been increased from Rs 1,500 to Rs 2,500, while the charge for a 60-page passport has gone up from Rs 2,000 to Rs 3,500.Under the Tatkaal scheme, the fee for a 36-page passport has been raised from Rs 3,500 to Rs 5,000, while applicants opting for a 60-page passport will now have to pay Rs 6,000, up from Rs 4,000.
Banks face tougher consumer protection rules
A new regulatory framework introduced by the Reserve Bank of India aims to make banks more accountable while selling financial products.Under the rules, banks must ensure customers are offered products suitable for their financial needs. If a product is found to have been sold through misrepresentation or unsuitable advice, affected customers will be eligible for a refund and compensation for any financial loss.
Fuel sale curbs lifted
The government has ended the temporary controls imposed on petrol and diesel sales during the recent disruption in global oil markets triggered by tensions in the Middle East.The restrictions, introduced to prevent bulk purchases, hoarding and diversion of fuel, included a 200-litre daily cap on diesel purchases at retail pumps and separate procurement arrangements for industrial consumers. With fuel availability returning to normal, the Centre has withdrawn these measures from July 1, restoring regular sales across the country, according to a press release on June 29.
EPFO Online service after system upgrade
The Employees’ Provident Fund Organisation (EPFO) is set to restore its online services after completing a scheduled system upgrade and database consolidation carried out between June 26 and June 30.During the five-day maintenance period, the EPFO’s member and employer portals, along with several online services, remained unavailable. The organisation said the upgrade was undertaken to improve system performance, strengthen security and enhance overall service delivery. The online platforms are scheduled to resume operations at 23.59 hours following the completion of the maintenance activity.