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of <h1>RBI Directs Banks to Stop Foreign Airlines from Using Overseas Banks for Rupee Transactions in India.</h1> The Reserve Bank of India (RBI) issued a circular to all Category-I Authorised Dealer banks regarding the acquisition of credit/debit card transactions in India by overseas banks for airline ticket payments. It highlights that foreign airlines are using overseas banks to settle transactions in Indian Rupees, which contravenes the Foreign Exchange Management Act, 1999. The RBI instructs banks to advise foreign airlines to stop this practice immediately. The circular aims to ensure compliance with foreign exchange regulations and is issued under specific sections of the Foreign Exchange Management Act, 1999.
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