look news india
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 did what was expected i.e. there was no change in the repo rate. However, in his address today, RBI Governor Shaktikanta Das has taken a big decision regarding UPI.
Tax payment limit through UPI increased to Rs. 4 lakh
- RBI Governor has increased the limit of tax payment through UPI from Rs 1 lakh to Rs 5 lakh.
- Up to Rs 5 lakh can now be sent through UPI on each such transaction.
- Currently the tax payment limit per transaction through UPI is Rs. 1 lakh
- Increasing it to Rs. 5 lakh per transaction will make large payments easier and save time.
What did the RBI Governor say on the UPI decision?
The RBI governor said that except for some high value transactions, tax payments through UPI will be limited to Rs. 1 lakh which was demanded to be increased to Rs. 1 lakh 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 payment through UPI. Under this, it will be easier for the primary user to do UPI transactions with the secondary user. Transactions can be done up to a certain limit through UPI and the secondary user will not need a separate bank account for this.
UPI has become a habit for Indians
- Every day millions of Indians are taking advantage of UPI.
- Through UPI, people are able to make payments easily at various places by scanning the QR or simply using the phone number.
- Money can be sent or received very easily not only through scanner or mobile number but also through UPI ID.
- RBI's decision to increase the payment limit for tax payment transactions can be of great benefit to the common man.
