Revised LPG prices, PAN-Aadhaar linking to Higher EPS pension deadlines: 8 rule changes in June to note

8 rule changes in June: From PAN-Aadhaar linking to Higher EPS pension deadlines, the month of June, which is the last month of the Q1 FY 2024, will see a number of changes that would affect the common man. Here’s a quick look at the rules, deadlines, and things to note. 

1.    PAN-Aadhaar linking deadline 

The Income Tax Department has set June 30, 2023, as the revised deadline to link Aadhaar and PAN cards, which are the two most important identification proofs.  

In March, after extending the deadline for three months, the I-T department said: As per the IT department, “In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions.” 

If citizens don’t link their PAN card with Aadhaar their PAN card will become inoperative. 

2.    Higher EPS pension deadline 

The Employees' Provident Fund Organisation (EPFO) has also extended the date for filing applications for workers who want to opt for a higher pension. This is the second time the EPFO has extended the deadline. Employees now have time till June 26, 2023, to send their details to avail of the facility. 

Employees, who were members of EPFO and Employees’ Pension Scheme (EPS), before September 1, 2014, and who are still working but missed availing the higher pension option earlier, are eligible to apply. Those who retired before this date and had signed up for the higher pension option will have to validate the information. 

3.    New rules for MF investments in minors' names done by parents 

The Securities and Exchange Board of India (Sebi) will be introducing a new set of rules for those who are investing in mutual fund units in the name of minor children through guardians. The capital regulator has said that investments in mutual funds will be accepted from the bank account of the minor, parent, or legal guardian of the minor, or a joint account of the minor with a parent or legal guardian. 

For existing MF folios, the Asset Management Companies (AMCs) will have to insist upon a change of pay-out bank mandate before redemption is processed. 

The regulator has asked all AMCs to make the necessary changes to facilitate such mutual fund transactions with effect from June 15, 2023. 

4.    Electric two-wheelers are getting expensive 

Electric two-wheelers in India will see a hike in prices under the government’s revised FAME India Scheme. The subsidy has been reduced from Rs 15,000 per kilowatt per hour (kWh) to Rs 10,000/kWh, and the maximum cap for incentives has been lowered from 40 per cent to 15 per cent of the two-wheeler EV's ex-factory price. This would mean that a 37.5 per cent reduction in subsidies, pushing the prices of two-wheeler EVs. This order of the government will come into effect from June 1, 2023.  

5.    RBI’s 100-day, 100-payment campaign 

The Reserve Bank of India (RBI) on May 12 announced a ‘100 Days 100 Pays’ campaign for banks to trace and settle the top 100 unclaimed deposits of every bank in every district of the country within 100 days. The banks would start the campaign from June 1. 

It would complement the ongoing efforts and initiatives by the Reserve Bank to reduce the quantum of unclaimed deposits in the banking system and return such deposits to their rightful owners/claimants, the central bank said. 

An unclaimed deposit is one which does not see any activity like the infusion of funds, withdrawal, etc. from the depositor for 10 years or more, and is deemed as an inactive deposit. 

6.    Mandatory testing for cough syrups 

From June 1, the Drug Controller General of India (DCGI) has mandated comprehensive testing for all cough syrups exported from the country. The move came amid instances of quality concerns being raised abroad on cough syrups exported by Indian firms. 

The Centre has notified new testing parameters for cough syrups to be exported from India and said these will require the production of a Certificate of Analysis (CoA) from specified laboratories. 

The tests will be carried out at specified central government labs, including Indian Pharmacopoeia Commission, regional drug testing lab (RDTL - Chandigarh), central drugs lab (CDL - Kolkata), central drug testing lab (CDTL - Chennai Hyderabad, Mumbai), RDTL (Guwahati)] and the NABL (National Accreditation Board for Testing and Calibration Laboratories) accredited drug testing labs of state governments. 

7.    Bank locker rules 

In January 2023, the Reserve Bank of India (RBI) extended the deadline for banks to complete the process of renewal of locker agreements in a phased manner by December 31, 2023. As per the new rules, for safe deposit lockers, customers need to sign a new agreement with their banks. By June 30, 2023, the bank must renew the agreements of at least 50 per cent of its customers.  

8.    Reduced prices of gas cylinders, CNG, PNG 

From June 1, state-backed oil marketing companies (OMCs) have slashed the prices of 19-kg cooking gas cylinders by Rs 83.5.  

With this, a 19-kg LPG cylinder will cost Rs 1,773 in Delhi; Rs 1,725 in Mumbai; Rs 1,875.50 in Kolkata; and Rs 1,937 in Chennai.  

The same used to cost Rs 1,856 in Delhi; Rs 1,808 in Mumbai; Rs 1,960.50 in Kolkata; and Rs 2,021.50 in Chennai in May. 

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