RBI Updates Foreign Exchange Management Act: Residents Can Use International Credit Cards Abroad Up to Card Limit.

The Reserve Bank of India issued a circular under the Foreign Exchange Management Act, 1999, addressing the use of International Credit Cards (ICCs) by residents while abroad. As per the amended rules, ICCs can be used for expenses up to the card limit without prior Reserve Bank approval. However, restrictions remain on using ICCs for prohibited items such as lottery tickets and banned magazines. Authorised dealers are instructed to inform their clients of these changes. The amendments, effective from their publication date, were made in the public interest by the Central Government in consultation with the Reserve Bank.

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