Question
The Reserve Bank of India (RBI) has directed to settle
fees and charges payable in India on forex prepaid cards, store value cards, and travel cards in the local currency, ie. Rupee.Under the directions, it said that Indian citizens who will purchase the travel cards can also refund unutilised foreign exchange balance after a period of _____ from the last transaction.Solution
The Reserve Bank of India (RBI) has directed to settle fees and charges payable in India on forex prepaid cards, store value cards, and travel cards in the local currency, ie. Rupee. The central bank also notified that the use of such cards is limited to permissible current account transactions and subject to the prescribed limits under the Foreign Exchange Management Rules.Previously, the central bank notified that no prior permission is required from the banks for such cards. It further said that Indian citizens who will purchase the travel cards can also refund unutilised foreign exchange balance after a period of ten days from the last transaction.
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