EW DELHI: The new financial year has come into effect from April 1, bringing several changes in banking, taxation and financial transactions. Two-step authentication has been made mandatory for all digital transactions to enhance security and verify device ownership.
In banking updates, SBI credit card users will now need a minimum of 4,000 points to redeem rewards. RuPay debit card holders will no longer get free access to airport and railway lounges. HDFC Bank has introduced a new facility allowing customers to withdraw cash from ATMs using UPI by scanning QR codes.
Punjab National Bank has reduced ATM withdrawal limits for select debit cards. Customers who could earlier withdraw up to ₹1 lakh per day can now withdraw ₹50,000, while those with a ₹1.5 lakh limit can now withdraw ₹75,000.
FASTag annual pass fees have been increased from ₹3,000 to ₹3,075. In the stock market, capital gains tax will now apply on share buybacks, and securities transaction tax in the futures and options segment has been raised.
PAN card applications will now require additional documents, including proof of date of birth. Aadhaar alone will not be sufficient. New rules have also been introduced for train ticket cancellations. Full refunds will be given only if tickets are cancelled 72 hours in advance. Cancellations between 72 and 24 hours will attract a 25 per cent deduction, while cancellations between 24 and 8 hours will result in a 50 per cent deduction.
Changes in income tax forms have also been notified, with Form 16 replaced by Form 130 and Form 16A renamed as Form 131. Officials said the changes aim to improve transparency, strengthen compliance and enhance financial security.
