Question
What is the new upper transaction limit for tax payments
using the Unified Payments Interface (UPI) as per the National Payments Corporation of India's recent update?Solution
The new upper transaction limit for tax payments using UPI has been raised to ₹5 lakh per transaction. Details- • NPCI Update: The UPI transaction limit has been increased for high-value categories, effective from September 16, 2024. • Applicable Sectors: o Tax Payments: Users can pay up to ₹5 lakh per transaction. o Healthcare: Verified hospitals can now accept payments up to ₹5 lakh. o Educational Fees: Educational institutions are covered under the raised limit. o Financial Investments: Applicable to IPOs, government securities, and select financial instruments. • Standard UPI Transactions: The limit remains at ₹1 lakh for peer-to-peer transfers and other standard transactions.
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