Use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards by Resident Indians while on a visit outside India

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ards by Resident Indians while on a visit outside India Reserve Bank of India has, vide its Notification No. FEMA 15/2000-RB dated 3rd May 2000, notified debit cards, ATM cards or any other instrument that can be used to create a financial liability, as 'currency'. It was further clarified vide A.P. (DIR Series) Circular No. 73 dated January 24, 2003 that the restrictions contained in Rule 5 of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... are equally applicable to payments made through use of these cards. 3. It is further clarified that the IDCs cannot be used on internet for purchase of prohibited items like lottery tickets, banned or proscribed magazines, participation in sweepstakes, payment for call-back services etc., i.e. for such items/activities for which drawal of foreign exchange is not permitted. 4. Documentation an .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ing on private/business visit abroad which are used for making payments at overseas merchant establishments and also for drawing cash from ATM terminals. It is clarified that no prior permission from Reserve Bank is required for issue of such cards. However, the use of such cards is limited to permissible current account transactions and subject to the prescribed limits under the Foreign Exchange .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X