Use of international debit and smart cards abroad limited to permissible current account transactions, subject to prescribed foreign exchange limits. Use of international debit, store value, charge and smart cards by resident Indians abroad is allowed solely for permissible current account transactions and is subject to the item-wise and overall limits under the Foreign Exchange Management (Current Account Transactions) Rules. IDCs may be used for overseas cash withdrawals and merchant payments within those limits but not for internet purchases or activities for which drawal of foreign exchange is prohibited. AD banks must comply with documentation requirements and submit an annual proforma statement when aggregate IDC utilisation by holders exceeds the prescribed reporting threshold.
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 debit and smart cards abroad limited to permissible current account transactions, subject to prescribed foreign exchange limits.
Use of international debit, store value, charge and smart cards by resident Indians abroad is allowed solely for permissible current account transactions and is subject to the item-wise and overall limits under the Foreign Exchange Management (Current Account Transactions) Rules. IDCs may be used for overseas cash withdrawals and merchant payments within those limits but not for internet purchases or activities for which drawal of foreign exchange is prohibited. AD banks must comply with documentation requirements and submit an annual proforma statement when aggregate IDC utilisation by holders exceeds the prescribed reporting threshold.
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