arduino pro mini 5v 16mhz serial speed not going beyond 230400

ptnapivoski:
What is your chip?

http://www.prolific.com.tw/US/ShowProduct.aspx?pcid=41&showlevel=0017-0037-0041

Its a PL2303HX, probably a fake one, not sure though. One thing I want to mention that with the same module I could connect an ESP12 module with 921600 bps without any problem. So that is my concern, that it should behave in the same way for Arduino as well. Uno board can easily handle 1000000 bps. I don't know but let me clear my requirement. I want to connect arduino with esp via h/w serial for a high speed audio sample transmission. So I want to identify the source of the problem. Id it is the usb-uart module i have no problem but if it is the arduino then I dont know what to do. I can confirm that the ardiono pro mini is the 5v 16mz one.

Appreciate your help.

Thanks,
Debojit