Nougat OS: How to change premium SMS settings to allow sending SMS to short numbers?

Note: Google has released new update that allows the phones to send messages to premium numbers so there is no need to set it up and proceed to step 6. This will happen in future models also. Should you find an issue with regard to sending SMS to premium nos. , please give us feedback and share to us your contact number, the model of your phone, and the short number you want to send a message.