...“The
RBI had given instructions to banks that they should convert all
magnetic stripe cards into chip cards and also, that all debit and
credit cards will be used domestically only. Those who want to go abroad
should get a chip card issued and can spend as per FEMA regulations.
Those who have not got chip cards because banks have not issued them
will have to get a threshold limit approved, which in any case should
not be more than $500 per day. Banks can approve a higher limit after
mutual discussions with the customer on the basis of spends made during
earlier visits,” says AC Mahajan, chairman, Banking Codes and Standards
Board of India......
Read - ET
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