From June 1, several important financial and regulatory changes are coming into effect across India, impacting LPG consumers, UPI users, salaried employees, credit card holders, investors and homeowners.

These June 1 rule changes are expected to influence household budgets, digital payments and personal finance decisions for millions of Indians.

LPG prices and domestic gas rules:

State-run oil marketing companies are expected to revise domestic and commercial LPG cylinder prices from June 1 under the monthly fuel price review mechanism. Any increase or reduction in rates could directly affect household expenses and business operating costs.

A separate LPG-related change will also come into force. Under revised guidelines, households with active Piped Natural Gas (PNG) connections may face restrictions on retaining domestic LPG connections at the same address.

The move is aimed at preventing misuse and diversion of subsidised LPG cylinders. Consumers who surrender their LPG connections after switching to PNG will be allowed to reactivate them later if they move to locations where PNG services are unavailable.

PAN rules for property transactions revised

Updated PAN-related compliance norms will also apply from June 1.

While the threshold for certain transactions requiring PAN has been increased in specific cases, strict reporting requirements remain for high-value transactions.

PAN will continue to be mandatory for property deals above Rs 45 lakh, gift deeds and joint development agreements. Annual cash withdrawals exceeding Rs 10 lakh will also remain subject to reporting requirements.

New solar compliance rules take effect

India's solar sector will witness a key regulatory change from June 1.

All government-backed, subsidised and net-metered solar projects must use solar modules listed under the Approved List of Models and Manufacturers (ALMM).

The government has ruled out further extensions to the deadline.

Milma milk and curd prices rise from June 1

Consumers in Kerala will have to pay more for milk and curd from June 1 after Milma implemented a price hike of ₹4 per litre across all milk variants and curd products. The revised prices officially came into effect on Sunday.

The increase is expected to impact daily household budgets, particularly for families that rely on Milma products for regular consumption. The cooperative dairy brand said the revision was aimed at supporting dairy farmers and addressing rising operational costs.

Credit card, FD and loan rate changes expected

Several banks are expected to revise fixed deposit (FD) interest rates and lending rates following recent monetary policy developments.

Credit card users may also see changes in reward points, transaction fees and airport lounge access benefits on select cards. Customers are advised to review the latest terms and conditions issued by their respective banks before June billing cycles begin.

Windfall tax revised from June 1

The government has revised windfall gains taxes on petroleum exports with effect from June 1.

The tax on petrol exports has been reduced to Rs 1.5 per litre, while the levy on diesel has been cut to Rs 13.5 per litre. The windfall tax on aviation turbine fuel (ATF) has been lowered to Rs 9.5 per litre.