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| 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. |
| 2. |
An
undertaking should be given, to the Bank issuing the ICC,
specifying that the card shall be utilised in specified
manner. |
| 3. |
Payments
towards settlement of bills / invoices drawn in foreign
exchange can be directly made by the card holder in Indian
rupees . |
| 4. |
Remittances
towards settlement / reimbursement of ICC dues should made
through an authorised dealer. |
| 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. |
| 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. |
| 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
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1.
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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.
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ICCs
can be used by residents for making personal remittances as
may be permitted. |
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3.
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ICCs
issued in India are not valid for payment in foreign
exchange in Nepal and Bhutan. |
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4.
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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.
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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.
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Residents
should surrender their ICCs before they proceed abroad on
employment / for emigration. |
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7.
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ICCs
can also be used for: |
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a.
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Import
of software through internet. |
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b.
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Payment
of fees for training or education of a scientific /
technical nature through internet. |
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c.
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Registration
of domain name. |
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d.
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Hosting
charges for websites / homepages overseas . |
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e.
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Access
fees for internet related services through website. |
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f.
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Advance
payment (not exceeding USD 15000) for import of software /
database through internet. |
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Documents
required to be produced: |
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a.
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Details
of charges to be paid to the overseas organisations for
downloading the software and data should be furnished. |
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b.
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Declaration
shall be given that the software / data has been received. |
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8.
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ICCs
should not be used for effecting remittances for the
purposes for which release of exchange is not
permissible. |
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9.
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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.
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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. |
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