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|December 4, 1998||
RBI lifts currency curbs on credit card payment
The Reserve Bank of India today reiterated that residents are permitted to hold international credit cards which can also be used by them for making payments in India in rupees / foreign exchange as per their (cardholders') choice.
In October, the RBI had permitted residents to hold international credit cards and also to use them for making payments in India, subject to certain conditions.
It has been brought to the notice of RBI that such credit cards are not being accepted for payments in India from residents, on the ground that current exchange control regulations do not permit use of such cards in India by residents, a RBI release said.
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