On 16-5-2023, the Ministry of Finance notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023 to amend the . The provisions came into force on 16-5-2023.
Rule 7 relating to Use of International Credit Card while outside India has been omitted. Under this rule, the mandatory provisions of Rule 5 were exempted for the users of International Credit Card for making payments outside India.
Note: Rule 5 provides that
• For withdrawing any foreign exchange for a transaction included in Schedule III, prior approval of Reserve Bank of India is required.
• Exemption: payments made out of funds held in Resident Foreign Currency Account of the remitter.
Now, the use of International Credit Card will be governed by Schedule III of .
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