The Reserve Bank of India (RBI) on May 09, 2023, issued a notification regarding the Levy of charges on forex prepaid cards/store value cards/travel cards
The following has been stated namely: -
• it states the Authorised Dealers are advised to refer to the A.P. (DIR Series) Circular No. 46 dated June 14, 2005, and A.P. (DIR Series) Circular No. 102 dated April 02, 2012, regarding the use of International Debit Cards/Store Value Cards/Charge Cards/Smart Cards or any other instrument that can be used to create a financial liability, as 'currency'.
• It states that a few Authorised Persons are levying certain fees/charges, payable in India on such instruments, in foreign currency.
• It is further advised that the fees/charges payable in India have to be denominated and settled in Rupees only.
[Notification No. RBI/2023-24/29 A.P. (DIR Series) Circular No. 04]
