MUMBAI, Oct 4: The Reserve Bank of India (RBI) today removed all restrictions on Non-Resident Indians (NRIs) nominating their relatives or other resident Indians as additional credit card holders against their own foreign currency accounts held overseas.NRIs can now hold an additional credit card issued for a resident of India, payment for which can be made against a foreign currency account held abroad, the RBI said.
It added that no remittances from India would be permitted for settlement of claims against the additional card. Residents are free to use such cards for payments within India, the RBI said. The conditions for the holding of international credit cards have also been relaxed.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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