According to a new RBI rule, India is now accepting cross-border payments. Thus, NRIs can pay their bills directly through the new Government payment portal BBPS or Bharat Bill Pay System, without first transferring funds to Indian accounts.
This payment portal is a collaboration between the Indian Banks Association and the Reserve Bank of India. It is the property of the NPCI, or National Payment Corporation of India. Dixit Jain stated that this would allow NRIs to make all payments digitally and without hassle or delay. He is the managing director of Tax Experts DMCC, a tax advisory firm in Dubai.
Different Types of Payments That You Can Make through BBPS
NRIs use BBPS for paying
• Electricity bills
• Water bills
• Telephone-related bills of their families
Benefits of Using BBPS
The Bharat Bill Pay System is a one-stop financial structure that NRIs can access from anywhere at any time. It will accept payments via Unified Payments Interface (UPI), National Electronic Funds Transfer (NEFT), as well as debit and credit cards. Another advantage is that NRIs can make payments through various digital channels, such as
• Internet and internet banking
• Point of Sale terminal or POS
• Mobiles and mobile banking
• Mobile Point of sale Terminal or MPOS
• Offline mediums like bank branches, business correspondents, ATMs, and bank agents
Some More Details That NRIs Should Know about the System
Shaktikanta Das, Governor of the Reserve Bank of India, stated that this payment facility primarily benefits senior citizens. It has over 20000 billers and over 80 million transactions per month. Until now, it was only available to Indian citizens. However, Brijesh Meti, a tax consultant based in India, believes that BBPs will begin to accept cross-border payments in order to alleviate the transaction issues that NRIs face. And the BBPS system will not charge any fees for transactions because India’s Finance Minister, Nirmala Sitharaman, believes that charging fees for digital payments is not appropriate at this time.
