To use the Unified Payments Interface (UPI) and make payments, Non-Resident Indians (NRIs) won’t need an Indian mobile number. According to the National Payments Corporation of India (NPCI), NRIs can digitally transfer funds from NRE/NRO accounts using the UPI platform in ten countries.
UPI services are available to Non-Resident Indians (NRIs) in ten nations without requiring them to use their India phone number for transactions.
These nations are on the list: Singapore, the United States, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and the United Kingdom.
The Payments Corporation states that partner banks have until April 30 to comply with the regulations.
An NRE account enables NRIs to transfer profits from abroad to India, while an NRO account assists NRIs in managing revenue received in India.
The only requirements are that banks confirm that such accounts are permitted in accordance with the regulations of the Foreign Exchange Management Act (FEMA), adhere to the standards of the Reserve Bank of India (RBI), and take steps to stop money laundering or the financing of terrorism.
A budget of 2,600 crores was approved by a cabinet committee headed by Prime Minister Narendra Modi to promote RuPay debit cards and low-value BHIM-UPI transactions.
In the future, this option may be made available for additional country codes.
Additionally, the remitter and beneficiary banks must guarantee that the required compliance validation and anti-money laundering or counter-terrorist financing checks are carried out.
According to Vishwas Patel, Chairman of the Payments Council of India, “payment/money transfer convenience” will be the primary convenience factor for NRI visitors to India.
NRIs will only need to connect their international SIM-linked NRE and NRO accounts to UPI and use it like any other Indian UPI user for peer-to-peer and merchant payments.
