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News India Live, Digital Desk: Digital Transformation: Do you pay from UPI? Withdraw money from ATM? Or planning to travel by train? If yes, the month of July is bringing ‘big changes’ for you! From July 1, some such rules are changing in India, which will directly affect your daily money transactions and government work.

This is not just a government update, but important changes that will affect your pockets, your features and the use of your important documents. If you do not pay attention to these 5 major changes, then you may be fined, may have to spend more money, or you may have discomfort. So open your eyes and know what is going to change from July 1!

5 big ‘Money-Gamchenging’ rules to be implemented from 1 July, a direct impact on your pocket!

1. Charge on ‘Personal Loan/Credit Line’ payment from UPI:

• What will change: This is the biggest and new rule! If you pay more than ₹ 2,000 from UPI using any ‘credit line’ (eg personal loan or overdraft facility) already received from your bank, then you will now have to pay 1.1% ‘interchange fees’.

• Effect: If you send money from UPI or scan-payment from a common savings account, there will be no charge. This charge is only on ‘Credit-based’ UPI transactions.

• (Reference: I also covered it last time, this is an important and new change.)

2. Changes in ATM Transaction Charges:

• What will change: Some banks may change the fees levied after the range of their free ATM transactions, or update some rules. This will depend on the policy of banks.

• Effect: If you withdraw money more than the limit fixed from your bank’s ATM, or use ATM of other bank, you may have to pay more. Check your bank’s latest policy.

3. Railway ticket fare and rules will change:

• What will change: Indian Railways may increase fares on some routes. Also, there may be minor changes in immediate booking rules, seats reservation methods or ticket cancellation and refund rules.

• Effect: For those traveling by train, the journey may now be a bit expensive, and they will have to pay attention to new rules while booking tickets or canceling.

• (Reference: It was also covered last time, they will make financial impact)

4. Aadhaar-Pan big hit on linking!

• What will change: Those who have not yet linked their Aadhaar card to PAN card, they can now have a lot of difficulty. The government is imposing penalty instead of increasing the deadline, or the PAN card may be inactive if it is unlink.

• Effect: If your PAN card is not linked to Aadhaar, your bank’s services, tax filing and other financial transactions may stop, and may be fined heavy. If not done, do it now!

• (It comes every year, but is necessary every time like a reminder)

5. Credit card and some other rules to bank:

• What will change: Some major banks (eg ICICI, SBI) may change reward points and transactions of bill payment on credit cards. The savings account rules of institutions like Airtel Payments Bank may also change.

• Effect: Credit card holders will have to check the new rules of their card company, so that unnecessary charges are not incurred and the reward point is not lost.

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