International credit cards: residents may use foreign currency accounts or direct bank remittances to pay card charges, subject to usage restrictions. Resident individuals with foreign currency account(s) may obtain international credit cards issued abroad and may meet card charges from those accounts or by remittances from India through a bank where they hold a current or savings account; such remittances must be sent directly to the card issuing agency and not to third parties. Credit limits are set by issuing banks and there is no monetary ceiling imposed by the regulator. Existing prohibitions on use of cards for certain transactions remain applicable, and authorised dealers must notify constituents.
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: residents may use foreign currency accounts or direct bank remittances to pay card charges, subject to usage restrictions.
Resident individuals with foreign currency account(s) may obtain international credit cards issued abroad and may meet card charges from those accounts or by remittances from India through a bank where they hold a current or savings account; such remittances must be sent directly to the card issuing agency and not to third parties. Credit limits are set by issuing banks and there is no monetary ceiling imposed by the regulator. Existing prohibitions on use of cards for certain transactions remain applicable, and authorised dealers must notify constituents.
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