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Internet and Web Services, ICCS, IDCs, Store Value Charge Smart Foreign Travel Prepaid Cards
Under FEMA, which authority regulates foreign exchange facilities available to individuals for internet and web services?
The Reserve Bank of India (RBI) regulates foreign exchange facilities for individuals under the Foreign Exchange Management Act, 1999, through various regulations and master directions.
What is an International Credit Card Settlement System (ICCS) primarily used for?
Settling international credit card dues in foreign currency.
What does ICCS stand for in the context of foreign exchange facilities for individuals?
ICCS stands for International Credit Card Services, which allows resident individuals to make payments in foreign currency for permissible transactions using credit cards issued by authorised dealers.
What does IDC stand for in the context of foreign exchange and payment services?
International Debit Card used for cross-border transactions.
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