International credit cards for NRIs/PIOs may be issued without prior approval if charges are paid from permitted NRE/FCNR funds. Authorised dealers may issue international credit cards to NRIs/PIOs without prior Reserve Bank approval provided all charges on card use are settled only from inward remittances or from balances in the cardholder's NRE or FCNR accounts, and authorised dealers must inform their constituents and ensure compliance with this funding restriction.
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.
International credit cards for NRIs/PIOs may be issued without prior approval if charges are paid from permitted NRE/FCNR funds.
Authorised dealers may issue international credit cards to NRIs/PIOs without prior Reserve Bank approval provided all charges on card use are settled only from inward remittances or from balances in the cardholder's NRE or FCNR accounts, and authorised dealers must inform their constituents and ensure compliance with this funding restriction.
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