Non-residents of 10 international locations will quickly have the ability to use UPI to switch funds | Techi Chook


New Delhi(PTI): NPCI has allowed non-residents of 10 international locations, together with the US, Canada and UAE, to digitally switch cash from their NRE/NRO accounts utilizing the UPI platform.

The Nationwide Funds Company of India (NPCI) mentioned in a round that it has obtained requests to permit non-residents to make use of worldwide cellular numbers for transactions on the Unified Funds Interface (UPI).

Accordingly, the NPCI, in its January 10 round, requested UPI members to introduce a mechanism by April 30 to permit non-residents with NRE/NRO accounts to remit cash via worldwide cellular numbers.

Initially, the ability shall be accessible to non-residents in 10 international locations — Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE and UK.

NRIs and PIOs can open non-resident (international) rupee (NRE) financial institution accounts, whereas non-resident strange (NRO) accounts could be opened by anybody residing outdoors India for bona fide rupee transactions.

NPCI, which operates the UPI platform, mentioned, “To start out with, we’ll allow transaction from cellular numbers with (10 nations) nation codes… and can quickly develop to different nation codes…”. .

Vishwas Patel, chairman of the Funds Council of India, mentioned the important thing comfort issue could be within the type of “fee/remittance comfort” for NRIs when visiting India.

Mandar Agashe, MD, founding father of Sarvatra Applied sciences, mentioned that each one these years, NRIs haven’t been capable of entry the UPI community as a result of SIM linking, an vital safety characteristic of the UPI system, was solely accessible for Indian SIM card telephones.

“NRIs ought to hyperlink their worldwide SIM-linked NRE and NRO accounts to UPI and use it for service provider funds in addition to for end-to-end funds like every other Indian UPI person,” Agashe mentioned.

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