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The Reserve Bank of India has increased the UPI tax payment limit from the current limit of Rs 1 lakh to Rs 5 lakh per transaction.

While announcing the third bi-monthly monetary policy for the current financial year, RBI Shaktikanta Das said the UPI transitions can be done up to Rs 5 lakh from the current 1 lakh for tax payment purposes.

Das said the hike will further ease tax payments by consumers through UPI.