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Use of Credit Cards
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.... AP(DIR Series) Circular No.19 dated October 30, 2000 clarifying that the term "currency", inter alia, includes Credit Cards, ATM Cards and Debit Cards etc. and all the rules, regulations made and directions issued under the Foreign Exchange Management Act apply to Credit Cards, ATM Cards, Debit Cards etc. also. 2. It is clarified that :- i. International Credit Cards can be used on internet....
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....in India. 3. Attention of authorised dealers is also invited to item (iii) of Regulation 4 of the Reserve Bank Notification No.14/2000-RB dated 3rd May 2000 in terms of which payment received in rupees from credit card servicing banks in India against the charge slip signed by the buyer is a permissible method for receipt of payment for exports made out of India. This permission presumes that t....