RBI Updates: NRIs/PIOs Can Now Use NRO Accounts for International Credit Card Payments, Expanding Payment Options.

The Reserve Bank of India has updated its guidelines regarding the settlement of International Credit Card (ICC) charges by Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). Previously, these charges had to be settled using inward remittances or balances from Non-Resident (External) Rupee Accounts (NRE) or Foreign Currency (Non-Resident) Accounts (FCNR). The new directive allows NRIs/PIOs to also use funds from their Non-Resident (Ordinary) Rupee Accounts (NRO) for this purpose. Authorized dealers are instructed to inform their clients of this change, and amendments to the Foreign Exchange Management (Deposit) Regulations 2000 will follow.

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