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Part C : RBI/FEMA
Given below are the
highlights of certain RBI Circulars.
55 A.P. (DIR Series)
Circular No. 29,
dated 22-12-2010
Use of International Debit
Cards/Store Value Cards/Charge Cards/Smart Cards by resident Indians while on a
visit outside India
Presently, Banks are
required to submit a yearly statement on December 31 every year containing
details of International Debit Card holders who spend more than US $ 100,000 in
a calendar year.
This Circular informs RBI
decision to discontinue the submission of this Statement. Hence, Banks need not
submit the said Statement for the year ending December 31, 2010.
