The UPI tax payment limit would increase from the current Rs 1 lakh to Rs 5 lakh per transaction, the Reserve Bank of India (RBI) said on Thursday. The new maximum for UPI transactions for tax payments has been raised to Rs 5 lakh from the previous limit of Rs 1 lakh, according to RBI Governor Shaktikanta Das, who made the announcement of the third bi-monthly monetary policy for the current fiscal year.
“Currently, the transaction limit for UPI is Rs 1 lakh, with certain categories of payments allowed higher limits. The decision has been made to increase the limit for tax payments through UPI to Rs 5 lakh per transaction. This enhancement will further facilitate ease of tax payments for consumers through UPI,” said Das.
Das also suggested establishing a public repository for digital lending apps in order to keep an eye on and control unapproved participants. Additionally, he asked lenders to make the required corrections in light of his worries regarding the rising disbursals of top-up home loans.
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