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  5. RBI hikes tax payment limit through UPI from ₹1 lakh to ₹5 lakh: Governor Shaktikanta Das

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RBI hikes tax payment limit through UPI from ₹1 lakh to ₹5 lakh: Governor Shaktikanta Das

Kamal Joshi
By Kamal Joshi

1 min read | Updated on August 08, 2024, 11:32 IST

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SUMMARY

The Reserve Bank of India has raised the tax payment limit through UPI from ₹1 lakh to ₹5 lakh, RBI Governor Shaktikanta Das announced on Thursday, August 8.

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The Reserve Bank of India has raised the tax payment limit through UPI from ₹1 lakh to ₹5 lakh, RBI Governor Shaktikanta Das announced in his monetary policy review address on Thursday, August 8.

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"Currently, the transaction limit for the UPI is ₹1 lakh, except for certain categories of payment which have higher transaction limits. It has now been decided to enhance the limit for tax payment through UPI from ₹1 lakh to ₹5 lakh per transaction," Das said.

"This will further ease payments by consumers through UPI," he added.

The RBI has also decided to keep the policy rate unchanged for the ninth consecutive time, nothing that food inflation remains stubborn.

The rate increase cycle was paused in April last year after six consecutive rate hikes, aggregating to 250 basis points since May 2022.

Also Read: RBI MPC Meet 2024: Check key highlights
Announcing the third bi-monthly monetary policy for the financial year 2024-25, Governor Das said the Monetary Policy Committee (MPC) has taken a decision to keep the repo rate unchanged at 6.5%.

He said MPC will remain watchful of elevated food inflation.

The RBI keeps the growth projection unchanged at 7.2% for the current fiscal.

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About The Author

Kamal Joshi
Kamal Joshi is a business journalist who covers industries, markets, and IPOs. He is passionate about breaking news and enjoys playing tennis, especially flexing his backhand. He was previously associated with Republic TV and LatestLY.

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