- LATEST
- WEBSTORY
- TRENDING
PERSONAL FINANCE
US, UK, Singapore, Canada: List of 10 countries where UPI will work for NRIs
NRIs with NRE or NRO accounts in ten countries can use their overseas mobile numbers to utilise UPI services for transactions.
Updated : Jan 13, 2023, 03:48 PM IST | Edited by : Maitry Kothari
 "US, UK, Singapore, Canada: List of 10 countries where UPI will work for NRIs")
TRENDING NOW
)
Bigg Boss 18 runner-up Vivian Dsena's wife Nouran Aly angry after husband loses trophy, viral video
)
'Religious reasons...':Anant Ambani's fitness trainer reveals why everyone is following intermittent fasting
)
Pushpa 2 box office collection day 48: Allu Arjun, Rashmika Mandanna film stays steady, earns Rs...
)
Meet Vavilala Chidvilas Reddy, IIT-JEE topper with AIR 1, scored 341 in JEE Advanced, went on to pursue...
)
India's biggest flop, had 10 superstars, film was rejected by Amitabh Bachchan, it became cult classic, earned...
)
Digvijay Singh Rathee skips Bigg Boss 18 Grand Finale, takes a dig at makers: 'Aaj jashn to meri haar...'
)
BIG win for Gautam Adani, his company gets new project worth Rs 25000 crore, it is largest...
)
Kareena Kapoor breaks silence on Saif Ali Khan stabbing incident, says 'I saw him attack...'
)
Gandii Baat, XXX star Aabha Paul raises temperature in sexy photos, hot videos
)
Meet woman, wife of famous educator Vikas Divyakirti who is Drishti IAS coaching centre's...
)
Elon Musk proposes tunnel from New York to London; 5,000 km in Just 1 hour via...
)
Meet actress who became overnight sensation in film opposite Shah Rukh Khan, called Preity Zinta a 'man-eater', she is..
)
Pushpa 2 box office day 47: Allu Arjun film earns only Rs...
)
Deepinder Goyal's Zomato's net profit dropped by 57% in 3 months, company earns just Rs...
)
Good news Jio, BSNL, Airtel, Vi users as TRAI new rule lets their SIMs active for up to 90 days for just Rs...
Non-Resident Indians (NRIs) won't need to obtain an Indian mobile number in order to make payments using the Unified Payments Interface (UPI). NRIs in ten nations can digitally transfer money utilising the UPI platform from NRE/NRO accounts according to the National Payments Corporation of India (NPCI).
Non-Resident Indians (NRIs) in ten countries can use UPI services without relying on their India phone number for transactions.
The list of countries are: Singapore, US, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, UAE and UK.
Partner banks have until April 30 to follow the rules, according to the Payments Corporation.
(Also Read: EPFO update: Know how to link Aadhaar with UAN, a step-by-step guide)
While an NRO account assists NRIs in managing revenue received in India, an NRE account enables them to transfer foreign profits to India.
The sole requirements are that banks confirm that such accounts are permitted in accordance with Foreign Exchange Management Act (FEMA) regulations, adhere to Reserve Bank of India (RBI) standards, and take precautions to prevent money laundering or the financing of terrorism.
An initiative to promote RuPay debit cards and low-value BHIM-UPI transactions was authorised by a cabinet committee led by Prime Minister Narendra Modi and budgeted at 2,600 crores.
This facility may be extended to other country codes in future.
The remitter and beneficiary banks must also guarantee that the appropriate anti-money laundering or counter-terrorist financing checks and compliance validation in accordance with the requirements are made.
The chief convenience aspect for NRI visitors to India, according to Vishwas Patel, Chairman of the Payments Council of India, will be in the form of "payment/money transfer convenience."
NRIs will just need to link their NRE and NRO accounts linked to their international SIM to UPI and use it like any other Indian UPI user for merchant payment as well as peer-to-peer payments.
