The Central Government vide notification dated 16th May, 2023 has issued the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023. They shall come into force on the date of their publication in the Official Gazette.
The amendment provides that the use of International Credit Card for making payment by a person towards meeting expenses while such person is on a visit outside India shall require Prior approval of Reserve Bank.
However, such approval is not required if Individuals can avail of foreign exchange facility for the following purposes within the limit of USD 2,50,000 only:
(i) Private visits to any country (except Nepal and Bhutan)
(ii) Gift or donation.
(iii) Going abroad for employment
(iv) Emigration
(v) Maintenance of close relatives abroad
(vi) Travel for business, or attending a conference or specialised training or for meeting expenses for
meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going
abroad for medical treatment / check-up.
(vii) Expenses in connection with medical treatment abroad
(viii) Studies abroad
(ix) Any other current account transaction
