Srinagar, July 1: From July 1, 2025, a host of new regulations will take effect across key sectors such as railways, taxation, and banking—impacting millions of individuals and businesses nationwide. From mandatory Aadhaar for PAN applications and a rail fare hike, to revised Tatkal ticket rules, updated credit card charges, and a fuel ban on older vehicles in Delhi, these changes are part of a broader push to tighten compliance and advance digital processes.
PAN Card
The Central Board of Direct Taxes (CBDT) has mandated that Aadhaar verification is now required for all new Permanent Account Number (PAN) applications. Previously, applicants could use other identification documents like voter ID cards or birth certificates to obtain a PAN card.
Credit Card Rule Changes
Starting July 15, SBI Card will discontinue complimentary air accident insurance on select premium credit cards, including the ELITE and PRIME variants. Cardholders will no longer receive this benefit as part of their card package.
Additionally, SBI Card will revise the method used to calculate the Minimum Amount Due (MAD) on monthly statements, which could impact repayment structures for users.
From July 15, 2025, the MAD will be calculated thus: total GST + EMI amount + 100 percent of fees and charges + 100 percent of finance charges + 2 percent of outstanding dues (retail spends + cash advances) + any overlimit amount.
Until July 15, 2025, the MAD calculation is: total GST + EMI amount + 100 percent of fees and charges + the higher of either 5 percent of (finance charges + retail spends + cash advances) or 100 percent of finance charges + any overlimit amount.
Moreover, from july 1 HDFC Bank and ICICI Bank will also revise charges on select transactions, which could affect your spends.
HDFC Bank is revising charges on select credit card transactions. A 1 percent fee, capped at Rs 4,999 per transaction, will be applied to: rental transactions (1 percent of the transaction amount); online skill-based gaming expenditures above Rs 10,000 per month (1 percent of the total monthly spend); utility expenses (excluding insurance transactions) exceeding Rs 50,000 per month (1 percent of the total monthly spend).
ICICI Bank has revised several service charges, which will come into effect from July 1.
The bank has revised charges for ATM transactions. For ICICI Bank ATMs, the first five financial transactions each month will remain free, after which you’ll be charged Rs 23 per transaction; non-financial transactions will continue to be free.
Extra charges for ATM transactions that exceed the monthly free limit.
Revised IMPS (Immediate Payment Service) fees based on the transaction amount.
Higher charges for cash deposits and withdrawals at bank branches beyond free limits.
ITR deadline extended
CBDT has extended the deadline for filing income tax returns for the assessment year 2025-26 to September 15, from the original date of July 31. The extension implies that salaried individuals will get an additional 46 days to file returns.
However, you can initiate the process right away instead of waiting till September 15 to ensure that any glitches on the income tax portal due to heavy traffic closer to the due date does not affect you.
Railway Fare Hike from July 1
From July 1, 2025, Indian Railways will slightly increase passenger fares on certain train classes. Non-AC fares in Mail and Express trains will rise by 1 paise per kilometer, while AC class fares will go up by 2 paise per kilometer.
For instance, a 500 km journey in second class will now cost ₹5 more. The Railway Ministry says this minor hike is meant to help cover rising operating costs and improve services.
Aadhaar must for Railway tatkal tickets booking
Indian Railways has announced that from July 1, only verified users will be able to book Tatkal train tickets through the IRCTC website and app. Verification will be carried out using Aadhaar or other government-issued identification documents linked via DigiLocker.
