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of <h1>India Amends Foreign Exchange Rules: International Credit Card Use Abroad Now Unrestricted by Rule 5, Effective May 2023.</h1> The Central Government of India, in consultation with the Reserve Bank of India, has amended the Foreign Exchange Management (Current Account Transactions) Rules, 2000. Effective from May 16, 2023, the amendment introduces Rule 7, allowing individuals to use international credit cards for expenses incurred while traveling outside India without the restrictions of Rule 5. The amendment is certified to have no adverse effects despite its retrospective application. This change is part of a series of amendments to the original rules published in 2000.
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