The Unified Payments Interface will allow Non-Resident Indians (NRIs) to make payments without obtaining an Indian cell number (UPI). According to the National Payments Corporation of India, NRIs can digitally transfer money from NRE/NRO accounts to ten other countries via the UPI platform (NPCI).
NRIs (non-resident Indians) can access UPI services without using their India phone number in 10 different countries.
Singapore, the US, Australia, UK, Canada, Oman, Qatar, Hong Kong, Saudi Arabia, and UAE, are on the list of nations.
According to the Payments Corporation, partner institutions have until April 30 to adhere to the rules.
An NRE account enables NRIs to transfer foreign profits to India, whilst an NRO account helps them manage income they receive in India.
Banks must only check that these accounts are permitted under the Foreign Exchange Management Act (FEMA) regulations, follow Reserve Bank of India (RBI) guidelines, and take measures to avoid money laundering and terrorism financing.
A 2,600 crore budget for an initiative to promote RuPay debit cards and low-value BHIM-UPI transactions was approved by a cabinet committee headed by Prime Minister Narendra Modi.
Future updates could include adding support for more country codes.
Additionally, the beneficiary and remitter banks are responsible for ensuring that the required anti-money laundering or counter-terrorist financing checks and compliance verifications are completed.
According to Vishwas Patel, Chairman of the Payments Council of India, “payment/money transfer convenience” will be the main convenience factor for NRI visits to India.
The only thing that NRIs will need to do to access UPI like any other Indian is link their NRE and NRO accounts that are linked to their overseas SIM cards. They can then use UPI to make merchant payments and peer-to-peer payments.