Supreme Court Urged Railways to Drop the Term Second-Class Passengers  ||  Supreme Court: Employers Cannot Deny Compassionate Appointments Through Delays  ||  Supreme Court Explains How Testimony of a Dead Witness Can be Used Against an Absconding Accused  ||  SC Recommended Amending IBC to Ensure Fair Repayment Protection for MSME Operational Creditors  ||  Supreme Court: High Courts Cannot Reappreciate Evidence in Certiorari Jurisdiction  ||  SC: Railways are Not Liable Unless Owner-Risk Goods Were Counted or Weighed  ||  SC: Courts and Prosecutors Must Expedite Trials For Jailed Accused  ||  Supreme Court Clarifies that Swear Words and Vulgar Expletives Alone do Not Constitute Obscenity  ||  Supreme Court: Nominated Town Panchayat Members Have No Voting Rights in Council Polls  ||  Delhi High Court Declines Interim Relief to Sonam Wangchuk, Upholds His Hospitalization    

Levy of charges on forex prepaid cards/store value cards/travel cards, etc.- (Reserve Bank of India) (09 May 2023)

MANU/APDR/0006/2023

Banking

1. Attention of Authorised Dealers is invited to relevant instructions contained in A.P. (DIR Series) Circular No. 46 dated June 14, 2005 and A.P. (DIR Series) Circular No. 102 dated April 02, 2012, regarding use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards or any other instrument that can be used to create a financial liability, as 'currency'.

2. A few Authroised Persons are levying certain fees/charges, which are payable in India on such instruments, in foreign currency. It is advised that fees/charges payable in India have to be denominated and settled in Rupees only.

3. The directions contained in this circular have been issued under sections 10 (4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals, if any, required under any other law.

Tags : LEVY   CHARGES   CARDS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved