Reporting requirement for international debit card forex transactions discontinued; banks must stop annual statements to regulator. Banks authorised to deal in foreign exchange are directed to discontinue the annual submission of statements reporting aggregate foreign exchange utilization by holders of international debit, store value, charge and smart cards that previously triggered a reporting threshold, with all other instructions of the earlier circular remaining in force; the direction is issued under the Foreign Exchange Management Act and is without prejudice to permissions under other laws.
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Reporting requirement for international debit card forex transactions discontinued; banks must stop annual statements to regulator.
Banks authorised to deal in foreign exchange are directed to discontinue the annual submission of statements reporting aggregate foreign exchange utilization by holders of international debit, store value, charge and smart cards that previously triggered a reporting threshold, with all other instructions of the earlier circular remaining in force; the direction is issued under the Foreign Exchange Management Act and is without prejudice to permissions under other laws.
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