The Reserve Bank of India (RBI) has announced a significant change regarding UPI (Unified Payments Interface) tax payments. The UPI tax payment limit has been increased to Rs 5 lakh, up from the previous limit of Rs 1 lakh. This announcement came following the RBI MPC (Monetary Policy Committee) meeting, where the committee decided to keep the repo rate unchanged for the ninth consecutive time.
Governor Shaktikanta Das revealed this change while discussing the MPC meeting’s results, along with insights on repo rate, inflation, and GDP. The increase in the UPI tax payment limit is expected to encourage digital payments. Additionally, there were talks about introducing delegated payments in UPI, allowing users to authorize another person to make payments from their accounts.
In addition to the UPI-related changes, Governor Shaktikanta Das also shared insights about India’s GDP forecast for the financial year 2024-25. The nominal GDP growth is projected to remain stable at 7.2%, with quarterly forecasts as follows:
Q1: 7.1%
Q2: 7.2%
Q3: 7.3%
Q4: 7.2%
Furthermore, the RBI is considering proposals to reduce the time taken for check clearance to just a few hours, following in-depth discussions during the MPC meeting.
