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February 2011

Use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards by resident Indians while on a visit outside India

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Tarun Ghia, Brijesh Cholera, Pratik Mehta | Chartered Accountants
Sejal Vasa | Company Secretary
Reading Time 1 mins
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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.

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