| 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. |
| 1. |
Residents can use the ICCs for payments in rupees or in foreign exchange for goods and services procured in India. |
| 2. |
ICCs can be used by residents for making personal remittances as may be permitted. |
| 3. |
ICCs issued in India are not valid for payment in foreign exchange in Nepal and Bhutan. |
| 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. |
| 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. |
| 6. |
Residents should surrender their ICCs before they proceed abroad on employment / for emigration. |
| 7. |
ICCs can also be used for: |
| |
a. Import of software through internet.
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.
f. Advance payment (not exceeding USD 15000) for import of software / database through internet. |
