{"id":168323,"date":"2024-09-26T13:23:54","date_gmt":"2024-09-26T07:53:54","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=168323"},"modified":"2024-09-26T13:23:56","modified_gmt":"2024-09-26T07:53:56","slug":"upi-users-can-now-send-5-lakh-for-some-transactions","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/upi-users-can-now-send-5-lakh-for-some-transactions\/","title":{"rendered":"UPI Users can now Send 5 Lakh For Some Transactions"},"content":{"rendered":"\n

The National Payments Corporation of India (NPCI) has increased the transaction limits for tax payments using UPI (Unified Payment Interface), by allowing people to send 5 lakh in a single transaction. Acquiring entities must ensure that the classification of their merchants within MCC-9311 strictly adheres to the tax payments only. Merchants shall ensure UPI as a payment mode is enabled for the increased limit for the tax payments category.<\/p>\n\n\n\n

Conditions<\/h2>\n\n\n\n

Acquiring entities must ensure that the classification of their merchants within MCC-9311<\/strong> strictly adheres to the tax payments only<\/strong>. Merchants shall ensure UPI as a payment mode is enabled for the increased limit for the tax payments category.<\/p>\n\n\n\n

Earlier limit and Now<\/h2>\n\n\n\n
    \n
  • Earlier<\/strong>, the transaction limit for UPI was\u00a0Rs 1 lakh<\/strong>\u00a0except for certain categories of payments which have higher transaction limits.\u00a0<\/li>\n\n\n\n
  • It has now been decided to enhance the limit for tax payments through UPI from\u00a0Rs 1 lakh to Rs 5 lakh per transaction.\u00a0<\/strong><\/li>\n\n\n\n
  • This will further ease tax payments by consumers through UPI.<\/li>\n<\/ul>\n\n\n\n

    Categories of Payment<\/h2>\n\n\n\n
      \n
    • 1. Tax payments<\/li>\n\n\n\n
    • 2. Hospital and educational services<\/li>\n\n\n\n
    • 3. IPOs and government securities<\/li>\n<\/ul>\n\n\n\n

      Why this decision has been taken<\/h2>\n\n\n\n

      The NPCI has communicated that due to the increasing popularity of UPI <\/strong>as a favored payment mode, there is a necessity to elevate the per transaction limit within UPI for designated categories.<\/p>\n\n\n\n

      What is NPCI?<\/h2>\n\n\n\n
        \n
      • The National Payments Corporation of India (NPCI)\u00a0<\/strong>is an initiative taken by the\u00a0Reserve Bank of India (RBI)<\/strong>\u00a0and\u00a0Indian Bank\u2019s Association (IBA)<\/strong>\u00a0to operate the retail payments and settlement systems in India.\u00a0<\/li>\n\n\n\n
      • This organization was founded in the year\u00a02008<\/strong>\u00a0under the\u00a0Payment and Settlement Systems Act, 2007.\u00a0<\/strong><\/li>\n<\/ul>\n\n\n\n

        UPI<\/h2>\n\n\n\n

        Unified Payments Interface (UPI)<\/strong> is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.<\/p>\n\n\n\n

        <\/p>\n","protected":false},"excerpt":{"rendered":"

        The National Payments Corporation of India (NPCI) has increased the transaction limits for tax payments using UPI (Unified Payment Interface), by allowing people to send 5 lakh in a single transaction. Acquiring entities must ensure that the classification of their merchants within MCC-9311 strictly adheres to the tax payments only. Merchants shall ensure UPI as […]<\/p>\n","protected":false},"author":419,"featured_media":168328,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5243],"tags":[],"class_list":["post-168323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-september-2024"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/168323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/419"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=168323"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/168323\/revisions"}],"predecessor-version":[{"id":168329,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/168323\/revisions\/168329"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/168328"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=168323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=168323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=168323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}