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Date: 21/05/2003
International Credit Cards: Liberalisation of Facilities for Residents

As a step towards further liberalisation, resident individuals maintaining a foreign currency account with an authorised dealer in India or a bank abroad, as permissible under extant Foreign Exchange Regulations, are free to obtain International Credit Cards (ICCs) issued by overseas banks and other reputed agencies. The charges incurred against the card either in India or abroad, can be met out of funds held in such Foreign Currency Account/s of the card holder or through remittances, if any, from India only through a bank where the card-holder has a current or savings account. The remittance for this purpose should also be made directly to the card-issuing agency abroad, and not to a third party.

It is also clarified that the applicable credit limit will be the limit fixed by the card issuing banks. There is no monetary ceiling fixed by the Reserve Bank of India for remittances, if any, under this facility.

It is further clarified that the restriction applicable presently on the use of ICCs by residents, of purchase of prohibited items, like lottery tickets, banned or proscribed magazines, participation in sweepstakes, payment for call back services, etc., would apply.

Alpana Killawala
General Manager

Press Release : 2002-2003/1181

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