June 1 Money Rules Change: UPI Security, LPG Prices And Advance Tax Deadlines Kicks In
Financial and regulatory changes has come into effect across India on June 1, 2026. These new guidelines directly impact daily household budgets, digital payments, gas connection rules, and taxpayer compliance thresholds. Key updates include a two-layer verification for high-value UPI transfers, real-name recipient previews to curb online fraud, a price hike for commercial LPG cylinders, and a strict 30-day exit window for switching from traditional gas cylinders to piped natural gas.
- Republic Business
- 3 min read
A series of major financial and regulatory changes rolled out across India on June 1, impacting everything from daily digital transactions to kitchen budgets and tax compliance.
The central government and regulatory bodies like the National Payments Corporation of India (NPCI) introduced these changes to enhance digital safety and align fiscal targets for the financial year.
UPI
Digital payments will look different for users running high-value transactions. Starting June 1, top mobile payment applications including Google Pay, PhonePe, and Paytm will enforce two-factor or biometric authentication for large fund transfers. Users will need to verify transactions via facial recognition or fingerprints, moving away from simple four or six-digit pins.
To eliminate accidental misdirection of funds and identity spoofing, UPI platforms must now mandatorily display the recipient's bank-registered official name on a preview screen before the user inputs their pin. Furthermore, cardless ATM cash withdrawals made via UPI will now count against a user's monthly free banking transaction limit, meaning excess usage will invite standard bank fees.
Commercial LPG Hiked
Oil marketing companies announced a steep upward revision for commercial fuel prices. The price of a 19-kg commercial LPG cylinder rose by Rs 42 in Delhi, bringing the retail cost to Rs 3,113.50. In Kolkata, prices escalated by Rs 53.50. Prices for domestic cooking gas cylinders remain unchanged for retail households.
The Ministry of Petroleum and Natural Gas also tightened structural rules to phase out dual-fuel connections in urban grids. Consumers who install a Piped Natural Gas (PNG) connection now have a mandatory 30-day deadline to officially surrender and terminate their existing LPG cylinders.
Advance Tax and New Regime Benefits
The Income Tax Department reminded citizens of the upcoming June 15 deadline for the first instalment of advance tax for the financial year 2026-27. Salaried earners, freelancers, and businesses with an estimated net tax liability exceeding Rs 10,000 must deposit 15 percent of their total liability by this date to avoid a 1 percent monthly interest penalty.
Concurrently, revised allowance frameworks take effect under the new tax laws. Families filing under the older tax regime will benefit from scaled-up exemptions on children’s education and hostel allowances, alongside an expanded 50 percent House Rent Allowance (HRA) exemption bracket for major corporate hubs like Bengaluru, Pune, Hyderabad, and Ahmedabad.
Car Prices
Buying a new vehicle has become costlier from June 1 as major automobile manufacturers pass rising commodity costs onto consumers. Maruti Suzuki implemented a uniform price hike of up to Rs 30,000 across its entire model portfolio.
Hyundai Motor India followed suit, raising car prices by up to Rs 12,800 across its variants, citing inflationary pressures and elevated raw material costs.
Published By : Shourya Jha
Published On: 1 June 2026 at 18:18 IST