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1. What is the new upper limit set by the RBI for tax payments via UPI per transaction?
The Reserve Bank of India (RBI) has increased the UPI limit for tax payments to Rs 5 lakh per transaction, up from the previous limit of Rs 1 lakh. This adjustment is designed to facilitate larger transactions and enhance convenience for taxpayers handling high-value payments. By raising the limit, the RBI aims to boost digital payment adoption and reduce dependence on cash, aligning with its broader goal of promoting efficient and secure digital transactions.