August 08,2024
The Reserve Bank of India has proposed raising the upper limit for tax payments through Unified Payments Interface (UPI) from Rs 1 lakh to Rs 5 lakh per transaction, governor Shaktikanta Das said during its bi-monthly monetary policy announcement.
UPI boom: The increased limit is expected to offer greater convenience to taxpayers, particularly for high-value transactions, potentially encouraging more taxpayers to use UPI for their tax liabilities.
Earlier, in December 2023, RBI had increased the limit to Rs 5 lakh for certain payments, such as to hospitals and educational institutions.
Delegated payments: The measures announced included ‘delegated payments’ through UPI. In his post-monetary policy review address, Das said the facility would enable an individual (primary user) to allow another user to make UPI transactions up to a limit from the primary user’s bank account without the need for the secondary user to have a separate bank account linked to UPI.
Repository of lending apps: The central bank also proposed to create a public repository of digital lending apps (DLAs) to address the problems arising from the mushrooming of unauthorised players in the segment.
“The regulated entities (REs) will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps,” Das said.
A US bankruptcy court has dismissed a plea by Glas Trust Company, which represents US lenders, to block the settlement deal of Byju’s Rs 158-crore overdue payment to the Board of Control for Cricket in India (BCCI) over a sponsorship deal.
Tell me more: Judge Brendan Shannon of the Delaware Bankruptcy Court declined to intervene in legal proceedings taking place in another country’s judicial system. Byju’s legal counsel said any interference from the US court “would be an unimaginable insult to the system in India.” Byju’s had raised $1.2 billion in term loan in 2021.
Source: Economic Times