RBI caps the upper limit of offline payments up to Rs 200 per transaction; the overall limit is capped at Rs. 2000

RBI has introduced a framework to enable small value digital payments in offline mode using cards, wallets, mobile devices, etc. The upper limit of an offline payment transaction has been capped to Rs. 200. The total limit for offline transactions on a payment instrument shall be Rs. 2,000 at any point in time. An offline payment means a transaction that does not require internet or telecom connectivity to take effect.RBI has introduced a framework to enable small value digital payments in offline mode using cards, wallets, mobile devices, etc. The upper limit of an offline payment transaction has been capped to Rs. 200. The total limit for offline transactions on a payment instrument shall be Rs. 2,000 at any point in time. An offline payment means a transaction that does not require internet or telecom connectivity to take effect.taxmann.com Latest Statutory HappeningsRead More

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