Internet and Web Services, ICCS, IDCs, Store Value Charge Smart Foreign Travel Prepaid Cards
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Foreign Exchange Facilities for Individuals — Foreign Exchange Facilities for Individuals.
One-liners from this chapter
Free sample — 8 of 67 rapid-fire Q&A 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.
What is the full form of IDC as used in foreign exchange and payment services?
IDC stands for International Debit Card, which enables resident individuals to make foreign currency payments for current account transactions within the limits permitted by RBI.
Under FEMA, which category of Authorised Dealers can issue Forex Prepaid Cards?
Authorised Dealer Category-I banks can issue Forex Prepaid Cards.
Under which RBI schedule/regulation can a resident individual use an international credit card for expenses incurred outside India?
Resident individuals can use international credit cards for expenses incurred outside India under Schedule II of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, without any specific RBI permission, subject to applicable limits.
What is a Smart Card in the context of foreign travel prepaid instruments?
An embedded-chip card storing monetary value for foreign transactions.
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