Let us tell you about this limit…If you are going to buy gold in cash, then it is important to follow the single transaction rule. Because, if the purchase is made in cash more than this fixed limit, then you can get a notice from the Income Tax Department.

Although there is no limit for buying gold, there is definitely a rule for buying it in cash. Under the single transaction rule, a customer can buy gold jewellery worth up to Rs 2 lakh in cash.

However, if the purchase is above this limit, the payment has to be made through card or other means. Like customers, jewelers also have to follow the Income Tax rule related to single transaction.

Under this rule, the gold seller can accept cash up to Rs 2 lakh, for cash more than this he will have to check the identity of the customer. In such a situation, if you pay more than Rs 2 lakh in cash while buying gold, then for this you will have to give a copy of your PAN card or Aadhar card to the shopkeeper.

If a jeweler violates this rule and takes more than Rs 2 lakh in cash for selling gold jewellery to a customer, he will have to pay a fine. This penalty is charged on the basis of the amount taken in cash in excess of the set limit.

Apart from this, bill, quantity of gold, customer’s documents, own PAN card, Aadhar card etc. are taken from the jeweler as proof of selling the jewelry.

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At the same time, UPI has changed the entire structure of traditional transactions of the country. After seeing the success of UPI in India, many other countries of the world are also adopting this payment system in their countries.

Today most of us are using UPI for transactions. Have you ever considered the question that how much money can be transferred through UPI in a day? If you do not know about this then today we are going to tell you about this. Let us know –

According to NPCI, you can transfer a total of up to Rs 1 lakh through UPI in a day. It is worth noting that currently many people are using service provider apps like Google Pay, Phone Pay, Amazon Pay etc. to transact through UPI.

If you transact through UPI through these service providers. In such a situation, you should be aware that through these platforms you cannot transact more than the daily limit of Rs 1 lakh set by NPCI.

For your information, if you register on Amazon Pay. In such a situation, you can transact only up to Rs 5,000 in the first 24 hours of registration.

You can transact up to a daily limit of Rs 1 lakh after 24 hours. If you transact through UPI. In such a situation, you should be aware of this information.

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So far this service has been started by platforms like PhonePe and Paytm. Transactions through UPI have increased in the last few years. Payment is being done through UPI in most of the cities of the country. UPI is also used by small to big vendors. According to the NPC I circular issued in May 2022, 50 per cent of the total UPI transactions across the country are of Rs 200 and less value. Because of this, due to increase in traffic, many times payments get stuck. Apart from this, it also takes time to add the PIN in UPI and follow other processes.

For this reason, UPI Lite was introduced to enable instant payments and reduce traffic in banks. BHIM app has already allowed transactions through UPI Lite. At the same time, Paytm has become the first digital payment app to launch UPI Lite on its platform.

What is UPI Lite

UPI Lite allows users to transact using an ‘on-device’ wallet and not a linked bank account. This means that without going through the bank, you will be able to make the payment as soon as possible by just using the wallet. However you have to add money on the wallet.

How much amount can be paid

Once this feature is set up, UPI Lite Wallet users will be allowed to do instant transactions up to Rs.200. You can easily transfer this money to someone without entering the UPI PIN or verifying the transaction. In particular, users can add a maximum of Rs 2,000 to UPI Lite twice a day. That is, Rs 4000 can be used every day.

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Benefits of UPI Lite

Transactions with UPI Lite will reduce the chances of fraud, as transactions can be done only up to a limit. Banks can make low cost UPI payments without worrying about daily transaction limits. UPI Lite simplifies low cost UPI transactions. Along with this, users can transfer the UPI balance back to the same bank account anytime without any charges.

How will Paytm users be able to setup

To set up UPI Lite in Paytm, open the Paytm app on your iOS or Android smartphone. Then tap on the “Profile” button located at the top left corner of the home page. Now select “UPI & Payment Settings” and then under “Other Settings” section select “UPI Lite”. Now select the account which is eligible for UPI Lite. Add balance to activate it. Now you can use it.

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State Bank of India (SBI) – The country’s largest bank has a UPI transaction limit of Rs 1 lakh. Apart from this, its daily transaction limit is also Rs 1 lakh.

HDFC Bank – The largest private sector bank has kept the UPI transaction and daily limit of Rs 1-1 lakh. However, the new customer will be able to do a transaction of only Rs 5,000 in the first 24 hours.

ICICI Bank- The bank’s UPI transaction limit and daily limit is also Rs 10,000-10,000. Although. For Google Pay users, both these limits are Rs 25,000.

Axis Bank- UPI transaction limit and daily limit of the bank is Rs.1 lakh each.

Bank of Baroda – Bank of Baroda has kept a single transaction limit of 25 thousand and a day limit of one lakh rupees.

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