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Facility for Non-Resident Indians in 10 Countries to send money through mobile Phones!
Posted on: 13/Jan/2023 2:06:59 PM
A facility for cash transactions sending money to India to their Bank savings account through the mobile phone was introduced for non-resident Indians in 10 Countries!
Cash transactions can be undertaken easily through UPI (United Payments Interfaces). The related APP can be downloaded on the mobile phone. And the Bank savings account can be linked to the mobile phone. This will facilitate cashless financial transactions!
In this scenario, this facility is now set to be offered to Non-Resident Indians (NRI) living abroad. Non-Resident Indians living abroad have their NRE (Non-Resident External Account) or NRO (Non-Residential Ordinary Account). They use their mobile phone abroad to transact and monitor these accounts!
Now, the facility for Non-Resident Indians to transact these accounts without n Indian Mobile Phone through UPI (Unified Payment Interface) is available!
This facility is being introduced for the Non-Resident Indians living in 10 countries in the First Phase including Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States Of America (USA), Saudi Arabia, United Arab Emirates (UAE), and Britain where the NRIs can use their local mobile phones for financial transactions!
This permission has been given under the Foreign Exchange Regulation Act!
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