MUMBAI, Dec 4: The Reserve Bank of India (RBI) today reiterated that residents in India are permitted to hold international credit cards, which can also be used for making payments in rupees/foreign exchange as per the choice of the cardholder.RBI issued the reiteration as it was brought to RBI's notice that such credit cards were not being accepted for payments in India on the ground that current exchange control regulations do not permit use of such cards in India by residents.
RBI had in a circular dated October 16, 1998, permitted residents to hold international credit cards and also to use them for making payments in India, subject to certain conditions.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
Printer-friendly page