Issue of
International Credit Cards to Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)
AP (DIR Series) (2002-2003) Circular No. 40, dated 5-11-2002
Issue of International Credit Cards to Non-Resident Indians (NRIs)/ Persons of Indian Origin (PIOs)
Attention
of authorised dealers is invited to AP (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).