What is PhonePe’s new UPI Circle feature? PhonePe has launched a feature called UPI Circle
for its crores of users . Through this feature, you can now make payments even for those who do not have their own bank account. This means that now you will be able to make UPI payments for your family or friends even if they do not have a bank account.

How will this new feature work?

To use this feature, first you have to add the member for whom you want to make payment to your PhonePe account. When that member scans the QR code at a shop, the payment request will come directly to you. Then you can make his payment from your account. In this way, he can become a part of digital payment even without a bank account.

NPCI removed the biggest hurdle

The credit for launching this feature goes to NPCI i.e. National Payments Corporation of India. Earlier this feature was limited to Google Pay only but now it has been implemented on PhonePe as well. PhonePe gave this information through its official X (earlier Twitter) handle.

Who will get the most benefit?

This feature will be especially beneficial for the elderly, people living in rural areas and those families whose members know how to use a smartphone but are not connected with banking. Now their children or relatives can make payments for them and they can also make purchases by scanning the QR code.

How to add members and make payment?

1. First, update your PhonePe app
2. Go to the app and   click on the UPI Circle feature
3. Add the person you want to pay for as a member
4. When that person makes a payment at a shop, you will receive a request
5. You can make payment from your bank account

Another step towards Digital India

This new feature of PhonePe is another big step towards Digital India. This will benefit crores of people of the country who were not able to connect with digital payments till now. Those who were left behind due to not having a bank account, now do not need to depend on anyone.

Caution is also important

Although this feature is very beneficial, it is also important to be cautious while using it. Before making payment on any request, check that it is from a trustworthy person. Also, keep the limit and security settings of the payment request active so that there is no problem.

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But sometimes it happens that there is no money in your bank account, due to which you are unable to make important payments. The solution to this problem is the UPI Credit Line platform, which was introduced by the Reserve Bank of India last year.

Reserve Bank launches credit line facility

Reserve Bank of India has allowed giving credit line to customers through UPI. This service will be monitored by National Payment Corporation of India (NPCI). Many banks like Axis, HDFC, ICICI, Indian Bank and PNB are working on this facility.

Under the upi credit line, users get a fixed credit amount, which they can use whenever needed. This will reduce people’s dependence on credit cards.

How to activate upi credit line?

To activate UPI credit line, you have to apply at your bank branch or through UPI app. At the time of application, you have to give information about your annual income and also submit the necessary documents.

Important points:

-The applicant must be at least 18 years of age.
-It is mandatory to have Aadhar and PAN card.
-Once the credit limit is set by the bank, you can link it in your UPI app.
-After linking to UPI, you can take advantage of this credit line facility. Keep in mind that to make credit transactions through UPI app, you will have to set a separate UPI PIN.

Through upi credit line facility, you can make necessary payments even without balance, which will strengthen your financial position even more.

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If you do not pay the advance tax by this date, you will have to pay a penalty under sections 234B and 234C.

Advance tax has to be paid 4 times a year

Advance tax is paid in the same financial year in which the income is earned. It has to be paid four times in a financial year. That is, it has to be paid in four installments. Taxpayers have to pay 15% of the total tax liability by June 15. While 45% has to be paid by September 15. This also includes the tax paid till June 15. The liability till December 15 is 75% which includes the installments of June and September. According to the Income Tax Act, 100% of the entire tax has to be paid by March 15.

Advance tax: Payment in four installments

Advance tax is to be paid in four instalments in the same financial year in which the income is earned :

15% – till 15 June

45% – By September 15 (includes 1st instalment)

75% – By 15th December (includes 1st and 2nd instalment)

100% – by 15 March

Who has to pay advance tax?

If you still have a tax liability of Rs 10,000 or more after deducting TDS on your income, then you will have to pay advance tax. Apart from salary, this also includes income from rent, capital gains, FD interest, or lottery winnings.

What will happen if advance tax is not paid?

If you do not pay advance tax or pay it late, you will have to pay a penalty as per section 234B and 234C under the Income Tax Department. The rate of this penalty is 1% per month.

Section 234B: If you have not paid 90% of the total tax by March 31, then you will have to pay interest at the rate of 1% per month.

Section 234C: Interest will be charged at the rate of 1% per month for four installments at different times. Hence, it is very important to pay the advance tax properly and on time to avoid additional penalty.

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You can also use this-

Now this service is also going to be available for foreign delegates coming to the World Heritage Committee meeting to be held in New Delhi. This meeting is going to be held between 21 and 31 July. It was first started during the last G20 summit.

​Launch of UPI One World Wallet-

Some changes have been made in the UPI One World wallet and its reach has increased to many countries. With the help of this digital payment, it is going to be easy to make real-time payments and seamless payments. Along with this, travelers can also travel abroad easily.

Also Read: Budget 2024: Government will give 15 thousand in EPFO ​​account, know how ?

Where can you use it from?

This wallet is available at airports, hotels, money exchange locations and other places. Remember that if a foreign traveler wants to use it, he will have to get KYC process done with the help of a valid visa and passport.

How can you add payment?

Now let’s talk about how payment can be added. You can also use cash to add payment. Along with this, many other payment methods are also being provided. But this facility is going to be available only for foreign travelers.

Refundable Balance-

If any balance is left, it will be refunded. Foreign exchange regulation will be used for this. That means you can get its benefit only under the exchange rate.

The post UPI Users Update: These users will get new service, will be able to make payment by cash also first appeared on Rightsofemployees.com.

Making UPI payments through UPI Lite is an easier version than before. Through UPI Lite, you can now do a transaction of Rs 500 without PIN. Earlier this limit was Rs 200, which has been increased to Rs 500. The facility to transact without PIN is currently limited to small transactions. Now UPI Lite service is also available on Paytm. You will have to activate this on your Paytm app.

You can add this much amount in UPI Lite

Last month, in the meeting of the Monetary Policy Committee of RBI, RBI Governor Shaktikanta Das had announced that in order to take digital payments to remote areas of the country and make the payment experience better than before, the limit of UPI Lite will be increased from Rs 200. 500 is being done.

Now users can do transactions up to Rs 500 without internet and without PIN. Whereas, if we talk about UPI wallet, then a total of Rs 4000 can be added to it in a day. UPI Lite feature can be used on any app like PhonePe, Google Pay and Paytm. If you want to activate UPI Lite on Paytm then you have to follow these steps.

How to activate UPI Lite on Paytm

1. For this first open your Paytm app.

2. Select UPI Lite option on the home page.

3. Then select the bank account for UPI Lite.

4. After this, enter the amount you want to add in UPI Lite here.

5. Then enter your MPIN.

6. Now your UPI Lite is ready. You can make payment up to Rs 500 in just one tab even without entering the PIN.

Increased use of UPI in rural areas

Last month, RBI and NPCI decided to increase the limit of payments through UPI Lite to increase the reach of UPI in rural areas of the country.

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Through this service of the bank, transactions can be done between customers and shopkeepers without any hindrance. Customers will be able to use the Bank of Baroda Digital Rupee app to scan any UPI QR at merchant outlets and transact. Additionally, merchants can now take digital rupee payments from customers using their existing QR payment acceptance terminals without joining as a CBDC merchant.

Promoting use of digital rupee

Joydeep Dutta Roy, Executive Director, Bank of Baroda, said, “CBDC UPI QR interoperability will accelerate the adoption of digital rupee among customers and provide a comprehensive payment acceptance infrastructure to promote the use of digital rupee among merchants. . Customers can now use the digital currency present in their Digital Rupee wallet and scan it to make payments on any UPI QR code. Similarly, merchants only need to show their existing QR code, which can accept payments in both CBDC and UPI.

Facility of payment with digital rupee by scanning UPI QR code is available in these 5 banks

1.Kotak Mahindra Bank
2.Yes Bank
3.Axis Bank
4.HDFC Bank
5.Canara Bank

CBDC was introduced in the year 2022

The Reserve Bank had conducted a pilot test last year regarding the use of CBDC or Digital Rupee. In the initial phase, wholesale use of CBDC was tested and later retail use was also tested.

What is Digital Rupee?

Let us tell you that Digital Rupee is the digital or electronic form of notes and coins. It is based on blockchain technology. With its arrival you will no longer need to keep notes or coins. You will be able to use this e-rupee for transactions. You will have to do this transaction digitally.

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