Passport, visa physical verification must for issuance; RBI releases guidelines

The Reserve Bank Of India (RBI) February 10, 2023. Published guidelines for the issuance and usage of Unified Payments Interface (UPI) for foreign travellers Non Resident Indians (NRIs) Visiting India. The Recently, the UPI merchant payment option was opened to foreign travellers and NRIs arriving in Central Bank. India. “It is now proposed to permit all inbound travellers to India to use UPI for their merchant payments (P2M) while they are in the country,” RBI Governor Shaktikanta Das She said this while announcing results from the bi-monthly Monetary Policy Committee On February 8, 2023.

To This UPI facility will be available to all travellers starting at G-20 countries You can fly to select international airports. On February 10/2023: The central bank issued detailed guidelines regarding the issuance UPI to foreign travelers.”The Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021 (updated as on November 12, 2021) has been updated by inserting paragraph 10.3 therein,” In a notification, the central bank stated that Friday.

RBI guidelines for Prepaid Payment Instruments (PPIs) to foreign nationals/non-resident Indians (NRIs) Visiting India

1) BanksNon-banks are allowed to issue PPIs. They can issue full-KYC, INR-denominated Full-KYC Pis to foreign citizens/NRIs. India To begin with, travellers from G-20 countries will have this option to arrive at certain international airports. Such You can also issue PPIs in a cobranding agreement with entities that are authorized to deal in them Foreign Exchange under FEMA

2) The After physical verification of passport and visa at point of issue, PPIs will be issued. The According to the central bank, PPI issuers will make sure that such records and information are kept with them.

3) The PPIs can also be issued via wallets linked with UPI. They can be used only for merchant payments (P2M).

4) Loading The receipt of foreign currency by cash or any other payment instrument will not be accepted for the reloading or replacement of these PPIs.

5) The Conversion to the Indian The rupee will only be traded by authorized entities Foreign Exchange under FEMA, RBI mentioned.

6) The It added that the amount remaining in these PPIs at any time shall not exceed full-KYC limits.

7) Provisions As applicable, the following paragraphs 13 and 13 regarding validity and redemption must be observed. The These PPIs have unutilized balances that can be converted to foreign currency or encashed. ‘back to source’ (payment source where the PPI was loaded), and in compliance with foreign currency regulations, the central banks added.

These The RBI stated that the instructions will be in effect immediately.

Can UPI is used by all foreign travelers India?

To This UPI facility will be available to travelers from G-20 countries who arrive at selected international airports. Das Mentioned earlier. The Group Of Twenty (G-20) comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic Of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United KingdomAnd United States( and the European Union.

“Going forward, this facility will be enabled across all other entry points in the country. Necessary operational instructions will be issued shortly,” The central bank had already stated this earlier.

“This development comes on the heels of the Government outlining the importance of tourism for India in the Budget. This goes a long way to show their commitment to the task. This should provide a lot of convenience to all travelers,” Mayank Goyal, Founder CEO, moneyHOP India’s first cross border neo bank.

“One of the reasons why UPI has gained immense popularity in India and abroad is due to its simplicity of usage. UPI integration for inbound travelers sets India up with the infrastructure that can be leveraged to unlock value globally providing convenience to end consumers all across the world. India’s vast experience of successful adoption of UPI and building the infrastructure for it gives it a mover’s advantage in the global markets that can borrow a working, integrable, model to adopt,” He concluded.

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