Mumbai. The Reserve Bank of India (RBI) has increased the limit for making tax payments through UPI from Rs 1 lakh to Rs 5 lakh. RBI Governor Shaktikanta Das gave this information on Thursday.
Das further said that due to the ease of payment process, a large number of people are choosing UPI to pay taxes. Currently, tax up to Rs 1 lakh can be paid through UPI. RBI reviews the limits related to capital market, IPO subscription, loan collection, insurance, medical and educational services from time to time.
He further said that indirect and direct taxes are paid regularly and their value is high. For this reason, we have decided to increase the limit of tax payment through UPI from Rs 1 lakh to Rs 5 lakh.
RBI is also making a provision to introduce 'delegated payments' in UPI. With its help, a secondary user can make UPI payments using the bank account of the primary user. This will increase the reach of UPI.
Das said that UPI has 42.4 crore users across the country. This number is expected to increase further in the coming times.
Unified Payment Interface (UPI) has brought a big revolution in digital payments. RBI's Currency and Finance 202324 report stated that UPI has led to a 10fold increase in digital transactions in the last four years. There were 131 billion UPI transactions in 202324, which was 12.5 billion in 201920. 80 percent of all digital payments in the country are made through UPI.
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– / Written By Top News Bulletin
Image Credit: KhasKhabar.