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RBI eases facilities for global credit cards

By Our Special Correspondent

MUMBAI MAY 21. As a step towards further liberalisation, resident individuals maintaining a foreign currency account with an authorised dealer in India or bank abroad, as permissible under extant Foreign Exchange Regulations, are free to obtain international credit cards (ICC) issued by overseas banks and other reputed agencies.

According to a Reserve Bank of India release, the charges incurred against the card either in India or abroad, can be met out of funds held in such foreign currency accounts 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 RBI for remittances, if any, under this facility.

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