RBI forbids global cards for banned items
By Our Banking Bureau | 19 Jun 2002
These prohibited items also include banned or proscribed magazines, participation in sweepstakes and payment for call-back services, since no drawal of foreign exchange is permitted for such items and activities.
The central bank has, however, said international credit cards can be used on the Internet for the import of books, purchase of downloadable software or import of any other item permissible under the Exim Policy for which exchange can be purchased from an authorised dealer in India.
There is no aggregate monetary ceiling separately prescribed for the use of international credit cards through the Internet. Debit cards and ATM cards can also be used for any purpose, for which foreign exchange can be purchased from an authorised dealer, the RBI said.
Authorised dealers are also permitted to accept payment by debit to credit cards for exports made out of India. The RBI will issue separate guidelines for this.
