The National Payments Corporation of India (NPCI) has made a significant update to Unified Payments Interface (UPI) transactions. Starting this Sunday, people can now transfer up to ₹5 lakh in a single UPI transaction for tax payments. This change aims to make large transactions more convenient and efficient. Click here to read more news related to UPI.
Previously, the limit for UPI tax payments was set at ₹1 lakh per transaction. However, with the recent announcement from the Reserve Bank of India (RBI) on August 8, 2024, this limit has been increased to ₹5 lakh. This update applies not only to tax payments but also to payments for hospital and educational services, as well as for initial public offerings (IPOs) and government securities. Click here to read more news related to UPI.
NPCI has issued a circular emphasizing that merchants classified under the MCC-9311 category, which is specifically for tax payments, must adhere to this new limit. Merchants are also required to ensure that UPI is enabled for the increased limit in the tax payments category.
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