Government of India (GoI) and Regulatory Bodies implement new financial and administrative rules from July 1, 2026

Key facts

• Taxpayers filing ITR-1 and ITR-2 for assessment year 2026-27 must submit returns by July 31, 2026, to avoid penalties of up to ₹5,000 for income exceeding ₹5 lakh.
• The Unique Identification Authority of India (UIDAI) has waived the ₹75 fee for updating registered email addresses on Aadhaar cards from July 1 to December 31, 2026.
• HDFC Bank has mandated a minimum spend of ₹60,000 in the preceding quarter for cardholders to qualify for up to three complimentary domestic airport lounge visits per quarter.
• The Reserve Bank of India (RBI) will enforce new regulations against the mis-selling of financial products starting July 1, 2026, including provisions for customer refunds and compensation.
• Indian Railways has increased penalties for carrying dangerous goods to a maximum of ₹10,000, while unauthorised travel in women's compartments will attract a fine of up to ₹2,500.
• The Ministry of External Affairs (MEA) has increased service charges for both normal and Tatkal passport applications in India and abroad effective July 1, 2026.
• The Employees Provident Fund Organisation (EPFO) is expected to launch EPFO 3.0, which may allow private sector employees to withdraw money through Unified Payments Interface (UPI) and ATM networks.
• Tata Motors will increase prices of internal combustion engine and electric vehicles by up to 1.5%, while Kia India has announced a 2% price hike across its vehicle range.
• SBI Card has revised the reward point earning limits and transaction eligibility for PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK variants.