A.P. (DIR Series)
Circular No.40/2002-03-RB, Dt. 05-11-2002
Issue of International Credit Cards to Non- Resident Indians (NRIs)/Persons of
Indian Origin (PIOs)
Attention of authorised dealers is invited to A.P.
(DIR Series) Circular No.53 dated June 27, 2002 relating to the use of
International Credit Cards (ICCs).
2. It is clarified that authorised dealers may issue ICCs to NRIs/PIOs, without
prior approval of the Reserve Bank, subject to the condition that charges on the
use of ICCs should be settled by the concerned NRIs/PIOs, only out of inward
remittances or balances held in their Non-Resident External (NRE) Accounts/
Foreign Currency Non-Resident (FCNR) Accounts.
3. Authorised Dealers may bring the contents of this circular to the notice of
their constituents concerned.
4. The Directions contained in this circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999).
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