| Date: |
09-12-2002
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| Notification No: |
RBI A P D (Series)Circular No 59/2002
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
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| Subject: |
Issue of International Credit Cards to Non-Resident Indians (NRIs)/ Persons of Indian Origin (PIOs)
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Issue of International Credit Cards to Non-Resident Indians (NRIs)/
Persons of Indian Origin (PIOs)
A.P.
(DIR Series) Circular No. 59 dated 9th December 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) and the
subsequent clarification issued vide A.P. (DIR Series) Circular No. 40 dated
November 5, 2002.
2.
As per the existing instructions, NRIs/ PIOs are required to settle
charges on the use of ICCs, only out of inward remittances or balances held in
their Non-Resident (External) Rupee Accounts (NRE)/ Foreign Currency
(Non-Resident) Accounts (Banks) (FCNR). On a review, it has since been decided
to permit settlement of credit card charges out of funds held in the
cardholders� Non- Resident (Ordinary) Rupee Accounts (NRO) as well.
Accordingly, authorised dealers may allow debits to NRO accounts of their NRO/
PIO constituents to the extent of the card limit for use of credit cards issued
by banks in India. The debits shall also be subject to the conditions for use of
the International Credit Cards by residents.
3.
Authorised Dealers may bring the contents of this circular to the notice
of their constituents concerned.
4.
Necessary amendments to the Foreign Exchange Management (Deposit)
Regulations 2000 are being notified separately.
5.
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).
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