The Reserve Bank of India on Tuesday said a number of fees/fees imposed by ‘Authorized Persons’ for International Debit Cards, Stored Value Cards, among others and payable at India only has to be valued and paid in Rupees.
This Directive comes after the central bank came across a number of Authorized Persons (in foreign exchange) collecting certain fees/fees, payable in India for such instruments, in foreign currencies.
These tools also include Charge Cards/Smart Cards or any other tools that can be used to create a financial debt in the form of ‘currency’.
Authorized persons include authorized foreign exchange banks, official money changers, etc.
