| Issue
of Cards |
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| 1. |
Banks
and their subsidiaries are permitted to issue International Credit
Cards (ICCs) to residents in India. A single card can be issued
which is valid in India, Nepal, Bhutan or any other country where
rupee transactions can be made. |
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|
| 2. |
An
undertaking should be given, to the Bank issuing the ICC,
specifying that the card shall be utilised in specified manner. |
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|
| 3. |
Payments
towards settlement of bills / invoices drawn in foreign exchange
can be directly made by the card holder in Indian rupees . |
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|
| 4. |
Remittances
towards settlement / reimbursement of ICC dues should made through
an authorised dealer. |
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| 5. |
If
remittance involved is less than USD 250 or its equivalent, the
bank will not insist on submission of documentary evidence in
support of the remittance. |
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|
| 6. |
ICCs
can be issued to software engineers going abroad on assignments.
The claims on such cards shall be met out of the foreign currency
accounts of the engineers concerned or from exchange earner's
foreign currency account balances of their employers in India. |
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| 7. |
ICCs
are not issued to residents going abroad on employment and / or
for emigration. |
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| Use
of Cards |
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Top
|
| 1. |
Residents
can use the ICCs for payments in rupees or in foreign exchange for
goods and services procured in India. |
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|
| 2. |
ICCs
can be used by residents for making personal remittances as may be
permitted. |
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| 3. |
ICCs
issued in India are not valid for payment in foreign exchange in
Nepal and Bhutan. |
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|
| 4. |
Residents
can use ICCs for all bona fide personal expenses. The
total expenses shall not exceed their entitlement as may be
ascertained by the authorised dealer through whom reimbursement is
provided. |
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| 5. |
ICCs
can also be used to draw foreign exchange in the form of foreign
currency notes / travellers cheques and these can be sold subject
to the conditions specified in the passport. |
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| 6. |
Residents
should surrender their ICCs before they proceed abroad on
employment / for emigration. |
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| 7. |
ICCs
can also be used for: |
|
a. |
Import
of software through internet. |
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b. |
Payment
of fees for training or education of a scientific / technical
nature through internet. |
|
c. |
Registration
of domain name. |
|
d. |
Hosting
charges for websites / homepages overseas . |
|
e. |
Access
fees for internet related services through website. |
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f. |
Advance
payment (not exceeding USD 15000) for import of software /
database through internet. |
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|
Documents
required to be produced: |
|
a. |
Details
of charges to be paid to the overseas organisations for
downloading the software and data should be furnished. |
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b. |
Declaration
shall be given that the software / data has been received. |
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| 8. |
ICCs
should not be used for effecting remittances for the purposes for
which release of exchange is not permissible. |
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| 9. |
Card
holders drawing exchange under Basic Travel Quota (BTQ) against
ICCs should on their return to India get their passports endorsed
from the authorised dealers through whom the reimbursement is to
be provided. |
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| 10. |
Returning
Indians maintaining Resident Foreign Currency Accounts in India or
Foreign Currency Accounts abroad can hold ICCs freely without any
end use restrictions. However, reimbursement against drawals
in foreign exchange from the cards should be made by debit to
their foreign currency accounts. |
