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At present, almost all banks issue cards that have international acceptability so much so that if one goes abroad and wants to withdraw, say, US dollars, one can do so.
To minimise misuse of such cards, the Reserve Bank of India has asked banks to withdraw this automatic facility and replace it by on-demand facility by June 30, 2013.
In other words, from July 1, 2013, cards issued in India will not function abroad unless it has been activated specifically for international withdrawals and payments to parties abroad at the specific request of the accountholder.
The RBI has also asked banks to convert all cards used outside India at least once to EMV chip based if they are magnetic stripe based.
These and other precautions have been mandated by June 30, 2013, in the interest of protecting accountholders, especially from the evil designs of those sitting abroad who by the very nature of their operations and distance defy tracing otherwise.
Source: thehindubusinessline
To minimise misuse of such cards, the Reserve Bank of India has asked banks to withdraw this automatic facility and replace it by on-demand facility by June 30, 2013.
In other words, from July 1, 2013, cards issued in India will not function abroad unless it has been activated specifically for international withdrawals and payments to parties abroad at the specific request of the accountholder.
The RBI has also asked banks to convert all cards used outside India at least once to EMV chip based if they are magnetic stripe based.
These and other precautions have been mandated by June 30, 2013, in the interest of protecting accountholders, especially from the evil designs of those sitting abroad who by the very nature of their operations and distance defy tracing otherwise.
Source: thehindubusinessline
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