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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Allows Use of International Credit Cards for Residents with Foreign Currency Accounts; No Remittance Ceiling.</h1> The Reserve Bank of India has liberalized the use of International Credit Cards (ICCs) for resident individuals. Those with foreign currency accounts in India or abroad can obtain ICCs from overseas banks and agencies. Expenses incurred on these cards can be paid using funds from their foreign currency accounts or through remittances from India via a bank where they hold an account. Remittances must be sent directly to the card issuer. No RBI-imposed monetary ceiling exists for these remittances. Restrictions remain on using ICCs for prohibited purchases, such as lottery tickets and banned magazines. This circular is issued under the Foreign Exchange Management Act, 1999.
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