International Debit Cards

RBI has vide its circular no. 102 dated 2nd April 2012 relaxed conditions for redemption of international debit cards/ store value cards/ charge cards/ smart cards which is used by resident Indians while on a visit out of India. Hitherto there was a condition that the unutilised balance lying in the card would be redeemed only after 10 days of the last transaction. Now they can redeem the unutilised balance in the card immediately on arrival but the Authorised Persons shall retain some amount for (a) amounts that are authorised by the traveller but remaining unclaimed from the AP on the date of request for redemption, (b) a sum not exceeding $100 for any pipeline transactions, and (c) transaction fees/ service tax payable in India. A copy of the said circular can be accessed here