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RBI directs users to pay fee, charges on forex cards in rupees
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Synopsis
"A few authroised persons are levying certain fees/charges, which are payable in India on International Debit Cards/Store Value Cards/Charge Cards/Smart Cards or any other instrument that can be used to create a financial liability instruments, in foreign currency. It is advised that fees/charges payable in India have to be denominated and settled in Rupees only," the release said.
The Reserve Bank of India (RBI) on Tuesday advised that the fees, charges payable in India have to be denominated and settled in Rupees only.
"A few authroised persons are levying certain fees/charges, which are payable in India on International Debit Cards/Store Value Cards/Charge Cards/Smart Cards or any other instrument that can be used to create a financial liability instruments, in foreign currency. It is advised that fees/charges payable in India have to be denominated and settled in Rupees only," the release said.
Earlier, RBI had stated that no prior permission from the bank is needed for such cards.
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