| Date: |
05-11-2002
|
| Notification No: |
RBI A P D (Series)Circular No 40/2002
|
| Issuing Authority: |
RBI
|
| Type: |
A.P.D.(Series) Circulars
|
| File No: |
|
| Subject: |
Issue of International Credit Cards to Non-Resident Indians (NRIs)/ Persons of Indian Origin (PIOs)
|
|
Issue of International Credit Cards to Non-Resident Indians (NRIs)/
Persons of Indian Origin (PIOs)
A.P.
(DIR Series) Circular No. 40 dated 5th November 2002
Attention
of authorised dealers is invited to A.P. (DIR Series) Circular No. 53 dated June
27, 2002 relating to the use of International Credit Cards (ICCs).
2.
It is clarified that authorised dealers may issue ICCs to NRIs/ PIOs,
without prior approval of the Reserve Bank, subject to the condition that
charges on the use of ICCs should be settled by the concerned NRIs/ PIOs only
out of inward remittances or balances held in their Non-Resident External (NRE)
Accounts/ Foreign Currency Non-Resident (FCNR) Accounts.
3.
Authorised Dealers may bring the contents of this circular to the notice
of their constituents concerned.
4.
The Directions contained in this circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999).
|
|
|