Several important financial and regulatory changes have come into effect from July 1, bringing updates that will impact taxpayers, bank customers, credit card users, travellers and Aadhaar holders. The new measures focus on stronger consumer protection, revised compliance timelines and updated service charges across multiple sectors.
The Reserve Bank of India (RBI) has introduced a new framework to prevent the mis-selling of financial products by banks. Under the revised rules, banks must recommend products that match customers’ financial needs and risk profiles. Customers who suffer losses due to unfair sales practices or mis-selling may now be eligible for refunds and compensation.
The Central Board of Direct Taxes (CBDT) has also revised the Income Tax Return (ITR) filing schedule for Assessment Year 2026-27. Salaried individuals and other eligible taxpayers filing ITR-1 and ITR-2 can submit returns until July 31, 2026. Taxpayers filing ITR-3 and ITR-4, mainly business owners and professionals, have until August 31, 2026. Missing these deadlines could result in late filing fees, interest charges and restrictions on carrying forward certain losses.
Credit card users will also notice changes in rewards and benefits. SBI Card has revised reward programmes for selected PhonePe co-branded credit cards by introducing reward point limits on certain transactions and removing rewards from some spending categories. HDFC Bank has updated its complimentary domestic airport lounge policy, requiring customers to spend at least Rs 60,000 in the previous calendar quarter to remain eligible.
In another customer-friendly move, the Unique Identification Authority of India (UIDAI) has made Aadhaar email address updates through the Aadhaar mobile app free from July 1 to December 31, 2026. The earlier fee of Rs 75 has been waived to encourage users to keep their records updated.
The Ministry of External Affairs has also increased passport service charges. A fresh or reissued 36-page passport now costs Rs 2,500, while the Tatkaal fee has been raised to Rs 5,000. For a 60-page passport, the standard fee is now Rs 3,500 and the Tatkaal fee is Rs 6,000. The revised charges apply to new applications, renewals and other passport-related services.
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