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Informist, Thursday, Aug 8, 2024

 

--RBI Das: To up UPI tax payment limit to 500,000 rupees from 100,000 

--RBI Das: Propose to introduce facility of delegated payment in UPI 

 

MUMBAI – The Reserve Bank of India will hike the limit for tax payments through unified payments interface, or UPI, to 500,000 rupees per transaction from 100,000 earlier, Governor Shaktikanta Das said in his monetary policy statement detailed today. The decision was taken as direct and indirect tax payments are common, regular, and high value, Das said. 

 

Earlier, too, the RBI has periodically reviewed and enhanced the limits for a few categories like capital markets, IPO subscriptions, loan collections, insurance, medical and educational services.

 

Das also proposed to introduce delegated payments in UPI, which would allow an individual to set a transaction limit for another individual on the primary user's bank account. "This product is expected to add to the reach and usage of digital payments across the country," Das said. 

 

UPI has a very large user base of 424 mln individuals. There is, however, potential for further expansion of the user base. The necessary instructions for both the changes will be issued separately, a statement issued by the RBI said.  End

 

Reported by Kabir Sharma

Edited by Deepshikha Bhardwaj

 

 

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