Notification No. G.S.R 369(E); Dated … Continue reading “Govt. Enforces Stringent Norms for Usage of International Credit Cards during Overseas Visits”
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Notification No. G.S.R 369(E); Dated 16.05.2023
The Central Government has notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023. An amendment has been made to Rule 7. Rule 7 provided an exemption from obtaining RBI’s approval for using an International Credit Card (ICC) to make payments towards meeting expenses during an overseas visit.
The Central Government has now removed this exemption. The use of ICC would be governed by Schedule III of the Rules, 2000. The amended norms shall be effective from 16.05.2023.
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