The Reserve Bank of India (RBI) on February 10, 2023, released guidelines on the issuance and use of Unified Payments Interface (UPI) by foreign travellers and Non Resident Indians (NRIs) visiting India. The central bank has recently allowed the UPI merchant payment facility to foreign travellers and NRIs coming to 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 said while announcing the outcome of the bi-monthly Monetary Policy Committee on February 8, 2023.
To start with, this UPI facility will be extended to travellers from G-20 countries arriving at select international airports. On February 10, 2023, the central bank released detailed guidelines for the issuance of UPI to foreign travellers."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," the central bank said in a notification on Friday.
RBI guidelines for Prepaid Payment Instruments (PPIs) to foreign nationals/non-resident Indians (NRIs) visiting India
1) Banks/non-banks permitted to issue PPIs can issue INR-denominated full-KYC PPIs to foreign nationals/NRIs visiting India (to start with, this facility will be extended to travellers from the G-20 countries, arriving at select international airports). Such PPIs can also be issued in a co-branding arrangement with entities authorised to deal in Foreign Exchange under FEMA
2) The PPIs shall be issued after physical verification of the passport and visa of the customers at the point of issuance. The PPI issuers will ensure that such information and record thereof are maintained with them, the central bank said.
3) The PPIs can be issued in the form of wallets linked to UPI and can be used for merchant payments (P2M) only.
4) Loading or reloading of such PPIs will be against receipt of foreign exchange by cash or through any payment instrument.
Read more at: https://economictimes.indiatimes.com/wealth/spend/upi-for-foreign-travellers-passport-visa-physical-verification-must-for-issuance-rbi-releases-guidelines/articleshow/97818209.cms
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