Use of International Credit Card outside India to come within the purview of LRS
PriortotheamendmentmadebytheMinistryofFinancevidenotification*dated16May2023,Rule7oftheForeignExchangeManagement(CurrentAccountTransactions)Rules,2000providedthattheForeignExchangeManagement(CurrentAccountTransactions)Rules,2000wouldnotapplytothespendingsoftheIndianresidentsthroughInternationalCreditCard(‘ICC’)whileonavisitoutsideIndia.
