The Hindu Business Line : No prior RBI nod needed for global debit cards

BANKS that issue smart cards, store value cards or charge cards to residents travelling overseas on private or business trips need not take prior permission of the Reserve Bank of India.

However, the use of such cards is limited to current account transactions and subject to the prescribed limits under the Foreign Exchange Management Rules, the RBI said in a press release.

International debit cards issued by banks cannot be used on the Internet for participation in sweepstakes, payment of call-back services, purchase of items such as lottery tickets, banned or proscribed magazines,or other items for which withdrawal of foreign exchange is not permitted, the release said.

Banks may also have to submit an annual statement in case the aggregate forex utilisation by the debit card holders exceeds $1,00,000 in a calendar year, the release said.

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