Use of International Debit cards by Indians Abroad – RBI report discontinued
BANKS authorised to deal in foreign exchangeare required to submit a statement as on December 31, each year in case the aggregate forex utilization by the International Debit Card holders exceeds USD 100,000 in a calendar year.
RBI has decided to discontinue the submission of the statement. Accordingly, all the banks authorised to deal in foreign exchange are advised to discontinue the submission of the statement from the calendar year 2010 onwards.
Now you can spend money abroad without being reported to Big Brother – of course the money should be available in your bank account.
RBI Circular No. 29/RBI., Dated: December 22, 2010