00:00RBI launched a monetary policy on Thursday, August 2024.
00:07In this, the repo rate was maintained at 6.5% for the 9th time in a row.
00:13Meanwhile, RBI Governor Shakti Kantadas announced a major decision on UPI payment.
00:19The Central Bank has proposed to increase the limit of tax payment from Rs 1 lakh to Rs 5 lakh.
00:27In this video, we will try to understand who will benefit from this.
00:32So if you have any confusion that RBI has increased the limit of daily payment from UPI,
00:37then let me tell you that this has not happened at all.
00:40Only the limit of tax payment through UPI has been increased.
00:46Tax payers who have a high tax liability should be able to complete the transaction of tax payment quickly.
00:52For this, the limit of tax payment from UPI has been increased.
00:55If a taxpayer's liability is Rs 1.5 lakh, then he cannot take full advantage of the tax payment from UPI.
01:04Instead, he has to use other net banking solutions like NEFT or RTGS.
01:10Now, by increasing this limit of RBI, it will be easier for people to complete their tax liability on time.
01:17Not only that, the government's tax collection will also increase rapidly.
01:20Another benefit of this will be that people's transaction costs will be reduced.
01:25Secondly, taxpayers will get another benefit of increasing the limit of tax payment from UPI from Rs 1 lakh to Rs 5 lakh.
01:32If tax payers use a net banking tool like NEFT or RTGS to pay tax,
01:39or pay with a credit and debit card, then they have to pay transaction charges.
01:44On the contrary, transaction charges are not charged during payment from UPI.
01:48Therefore, even while paying tax up to Rs 5 lakh, some of their money will be saved.
01:54The government and RBI both know that UPI is the most preferred mode among all payment options.
02:02Therefore, different limits have been set for payment from UPI for different categories.
02:07According to National Payment Corporation of India, NPCI, the limit of normal payment from UPI is Rs 1 lakh.
02:16In December 2023, RBI increased the limit of payment from UPI to Rs 5 lakh for hospital and educational institutes.
02:26People started getting benefits of this while paying hospital bills or paying fees for education.
02:31Similarly, in December 2021, the limit of UPI was increased to Rs 5 lakh to invest in retail, direct scheme or IPO.
02:39According to NPCI, the limit of UPI is Rs 2 lakh for capital market, collections, insurance, foreign exchange, etc.
02:47If we look at the news, there is another announcement related to UPI related to delegated payments.
02:52Now you can create a delegated account for any member of your family under UPI.
02:58That member will be able to pay UPI up to a fixed limit from your account.
03:02This facility will be like an add-on facility for some credit cards.
03:06In this, you give the freedom to use your credit line to someone else.
03:12So, this is an add-on feature that will be available on UPI.
03:15And its decision has been taken.
03:17Apart from this, a major announcement has been made about UPI.
03:21Taxpayers can now pay UPI up to Rs 5 lakh.
03:25For this, they do not have to be dependent on any other net banking solution like NEFT or RTGS.
03:31That's all in the video.
03:32Do comment and tell us how did you like this decision of RBI.
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