The Unified Payments Interface (UPI) has announced an increase in the transaction limit for tax payments from Rs 1 lakh to Rs 5 lakh per transaction by the Reserve Bank of India (RBI).
The action would make it much easier for customers to pay taxes using UPI, which has emerged as the most popular digital payment method.
"Currently, the transaction limit for UPI is Rs 1 lakh except for certain category of payments which have higher transaction limits. It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will further ease tax payments by consumers through UPI," as per the Governor's statement.
RBI Governor Shaktikanta Das also announced the new delegated payment feature. Through this facility, a primary customer can authorise another individual, a secondary user, to carry out transactions through the former’s bank account to a specified limit. This will further deepen the reach and usage of digital payments.
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