Use of international credit cards allowed for lawful foreign-exchange purchases; prohibited for restricted items and governed by export payment rules. Clarifies that credit cards, ATM cards and debit cards are treated as currency under foreign exchange rules; international credit cards may be used online for transactions for which foreign exchange can lawfully be purchased, but not for prohibited items or services. Debit and ATM cards may be used for permitted foreign-exchange purchases. Authorised dealers are permitted to accept export payments by debiting an importer's credit card irrespective of the importer's presence in India, where reimbursement will be received in foreign exchange.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Use of international credit cards allowed for lawful foreign-exchange purchases; prohibited for restricted items and governed by export payment rules.
Clarifies that credit cards, ATM cards and debit cards are treated as currency under foreign exchange rules; international credit cards may be used online for transactions for which foreign exchange can lawfully be purchased, but not for prohibited items or services. Debit and ATM cards may be used for permitted foreign-exchange purchases. Authorised dealers are permitted to accept export payments by debiting an importer's credit card irrespective of the importer's presence in India, where reimbursement will be received in foreign exchange.
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