Ohio State Senator Niraj Antani has proposed a bill that would permit residents and businesses to pay state and local taxes using cryptocurrencies like Bitcoin. The bill aims to establish Ohio as a leader in crypto adoption but faces significant challenges, including concerns about volatility, regulatory hurdles, and security risks.
The National Payments Corporation of India (NPCI) has increased the UPI transaction limit for tax payments to ₹5 lakh, making it easier for individuals to pay taxes using their preferred digital payment method. The new limit applies to verified merchants and will be applicable from September 15, 2024.
The Reserve Bank of India (RBI) has increased the transaction limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh, simplifying high-value transactions. The central bank also introduced ‘Delegated Payments’, a new feature allowing primary users to authorize secondary users for UPI transactions within a set limit. Additionally, the RBI announced measures to streamline digital lending and expedite cheque clearance.
The Reserve Bank of India (RBI) has raised the limit for tax payments through UPI to ₹5 lakh per transaction, further boosting digital payments. Additionally, the RBI has introduced a facility for delegated payments via UPI, allowing individuals to authorize others to make transactions from their accounts. The central bank also maintained its GDP growth forecast for FY25 at 7.2 percent.
