RBI raises UPI transaction limit for tax payments

From Rs 1 lakh to Rs 5 lakh

The Reserve Bank of India (RBI) has increased the transaction limit for tax payments through the Unified Payments Interface (UPI) from Rs 1 lakh to Rs 5 lakh. This move will benefit taxpayers as it will allow them to make larger tax payments without having to worry about exceeding the limit.

UPI is becoming increasingly popular

UPI is a real-time payment system that allows users to make instant payments using their mobile phones. It is becoming increasingly popular in India, with over 200 million active users. The increase in the UPI transaction limit for tax payments is likely to further boost its popularity.

Other new UPI features

In addition to the increase in the transaction limit, the RBI has also announced several other new UPI features. These include:

• The ability to make payments to merchants using QR codes
• The ability to make recurring payments
• The ability to make payments to international merchants

These new features will make UPI even more convenient and versatile for users.