RBI Mandates Rupee Fees on Forex/Store/Travel Cards

 ​    Circular No. RBI/2023-24/29 A.P. (DIR … Continue reading “RBI Mandates Rupee Fees on Forex/Store/Travel Cards”
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Circular No. RBI/2023-24/29 A.P. (DIR Series) Circular No. 04, dated: 09.05.2023

Earlier, the RBI issued a circular regarding the 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’.

However, the RBI discovered that a few Authorised Persons are levying certain fees/charges, which are payable in India on such instruments, in foreign currency. As a result, the RBI has now advised that fees/charges payable in India must be denominated and settled in Rupees only.

Click Here to Read the Full Circular

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