UPI Limit Increased for Tax Payments: After the meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India, the RBI Governor announced the monetary policy. In this, the repo rate was what was expected, that is, there was no change in the repo rate. However, in his address, RBI Governor Shaktikanta Das has taken a big decision regarding UPI today, which you should know about. Today, the RBI Monetary Policy Committee announced 5 more big decisions along with decisions like repo rate, which will be especially good for you.
Tax payment limit through UPI increased by Rs 4 lakh
The RBI governor has increased the limit of tax payment through UPI from Rs 1 lakh to Rs 5 lakh. This means that up to Rs 5 lakh can now be sent through UPI for every such transaction. Currently, the limit for tax payment through UPI is Rs 1 lakh per transaction. Increasing it to Rs 5 lakh per transaction will make it easier for you to make large payments through UPI and save time.
What did the RBI governor say on the UPI decision
The RBI governor said that except for some special high value transactions, the tax payment limit through UPI is Rs 1 lakh, which was being demanded to be increased and this demand has been accepted by the RBI MPC.
Another big decision for UPI
RBI has made a big announcement regarding the facility of delegated payments through UPI. Under this, it will be easy for the primary user to make UPI transactions to the secondary user. Transactions up to a fixed limit can be done through UPI and for this the secondary user will not need a separate bank account.
UPI has become a habit for Indians
Crores of Indians are taking advantage of UPI every day. People are able to make payments at various places through UPI by scanning QR or just by using phone number. Not only scanner or mobile number, money can be sent or received very easily through UPI ID. Hence RBI’s decision to increase the payment limit of tax payment transactions can give a big benefit to the common people.
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