Now, buy foreign exchange using credit cards

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Now, buy foreign exchange using credit cards

2008-12-11 12:32:47

forex

Mumbai: The Reserve Bank of India has now made buying foreign exchange for travel overseas easier. Travellers can now buy foreign exchange from authorised dealers using their debit, credit and prepaid cards, according to a notification issued by the RBI.

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According to earlier guidelines, authorised dealers in category I & II and full fledged money changers could accept cash up to Rs 50,000 against the sale of foreign exchange. If the amount exceeded Rs 50,000, the dealers could only accept crossed cheques, banker’s cheques, pay orders and demand drafts.

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The authorised dealers can now accept payments through debit, credit and prepaid cards, irrespective of the amount.

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However, the RBI notification specifies that the dealers should comply with the KYC norms, the sale of foreign currency should be within permissible limits and the purchaser of foreign currency and the card holder should be the same person.

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