In the last few years, the use of Unified Payment Interface (UPI) has increased rapidly. Nowadays people have reduced keeping cash and prefer to pay everywhere through UPI. Many efforts are also made from time to time by the government to increase the use of UPI.
In this sequence, the UPI transaction limit has been increased last month. At the same time, after the RBI monetary policy meeting last week, the RBI governor has also increased the UPI Lite and UPI 123Pay transaction limit. Let us tell you that making payments through UPI is not only easy but also safe.
You can make payments up to Rs 5 lakh via UPI
The National Payments Corporation of India (NPCI) had issued a circular saying, “UPI is emerging as a preferred payment system, there is a need to increase the per transaction limit in UPI for special categories… In view of the above, the per transaction limit in UPI has now been increased to Rs 5 lakh for entities under tax payment related categories.”
Rules will apply to these transactions
This order of NPCI has come into effect from 16 September 2024. In such a situation, up to Rs 5 lakh can be paid through UPI for tax payment, whereas, this limit is also applicable on hospitals and education centers, IPOs and RBI retail direct schemes. However, the trader must be verified to make these transactions.
Transaction limit increased for UPI Lite and UPI 123Pay
Let us tell you that last week the monetary policy committee of the Reserve Bank of India had a meeting. In this meeting, the central bank had increased the transaction limit of UPI Lite from Rs 500 to Rs 1000, while the UPI Lite Wallet limit was increased from Rs 2000 to Rs 5000. Apart from this, the Reserve Bank of India had increased the limit of UPI 123PAY per transaction from Rs 5,000 to Rs 10,000.
