2 Biggest Changes To Upi Payments That Rbi Announced This Week

RBI hikes UPI transaction limit for tax payments to Rs 5 lakh

The Reserve Bank of India (RBI) has increased the transaction limit for tax payments through the Unified Payments Interface (UPI) to Rs 5 lakh from Rs 1 lakh.

The move will benefit taxpayers who use UPI to make payments towards their income tax, corporate tax, and goods and services tax (GST).

In a statement, the RBI said that the increase in the transaction limit will "promote digital payments and make it easier for taxpayers to make payments."