RBI Monetary Policy Comments on Enhancing Transaction Limit for Tax Payments through UPI By Rahul Jain – CFO, NTT DATA Payment Services India
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Below the RBI Monetary Policy Comments on Enhancing Transaction Limit for Tax Payments through UPI By Rahul Jain – CFO, NTT DATA Payment Services India
The Central Bank’s announcement to increase the transaction limit to Rs 5 lakh for tax payments using Unified Payments Interface (UPI), from Rs 1 lakh earlier is a significant move, propelling India towards digitally inclusive economy. This initiative will strengthen the tax-collection system, reduce the cost of tax-collection, and make tax-payments more convenient for taxpayers. This also means more benefits to taxpayers in terms of seamless, transparent, secured, and ease of making high value transactions.
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