UPI Tax Payment Limit Hike: The results of the RBI MPC meeting have been announced and the six-member committee has agreed to keep the repo rate unchanged. However, in the meantime, Governor Shaktikanta Das has made a big announcement regarding UPI.
UPI Tax Payment Limit Hike: The results of the monetary policy meeting of the Reserve Bank of India (RBI MPC Meeting Results) have come and it has decided to keep the repo rate stable for the 9th consecutive time. However, while announcing the results, the Governor of the Central Bank, Shaktikanta Das, announced a relief change (UPI Rule Change) regarding UPI. Actually, now tax payment of up to Rs 5 lakh can be made through UPI.
Earlier this limit was Rs 1 lakh
RBI Governor Shaktikanta Das, while announcing the results of the MPC meeting, said that now tax payment of up to Rs 5 lakh can be made at a time through Unified Payments Interface or UPI, whereas till now this limit was limited to just one lakh rupees. Governor Shaktikanta Das shared information about this proposal while explaining in detail about the discussion held in the MPC Meeting about repo rate, inflation and GDP. Increasing the tax payment limit through UPI will promote digital payments.
It is worth noting that according to the limits set for UPI Payment at present, UPI Payments Limit is Rs 1 lakh per transaction for general payment, Rs 2 lakh for capital markets, insurance payment and Rs 5 lakh per transaction for applying in IPO.
Preparations to make this big change in UPI
Along with increasing the limit of tax payment, while telling about the proposal of another big change related to UPI, RBI Governor Shaktikanta Das said that there was talk about providing the service of delegated payments in UPI. To understand it in clear words, UPI user will be able to give the right to make payment from his account to another person.
What did Shaktikanta Das say about GDP?
Along with the decision to keep the repo rate at 6.50 percent, RBI Governor Shaktikanta Das also expressed his estimate about India’s GDP. He said that the GDP Forecast for the financial year 2024-25 has also been kept unchanged. That is, the nominal GDP growth is stable at 7.2 percent. According to the GDP growth forecast expressed by RBI for FY25…
Q1- 7.1 percent
Q2- 7.2 percent
Q3- 7.3 percent
Q4- 7.2 percent
This proposal regarding check clearance
While announcing the results of the MPC Meeting, Governor Shaktikanta Das talked about the change in the tax payment limit from UPI, along with this he also gave information about other important decisions. He said that during the meeting, there was also an in-depth discussion about the time taken in check clearance and now it has been proposed to take steps to do this work in just a few hours.
