Waiver of requirement of submission of annual statement by banks on use of debit cards by resident Indians while on a visit outside India.

In terms of notification A.P. (DIR Series) Circular No.46 dated June 14, 2005 all the banks authorized to deal in foreign exchange are required to submit a statement as on 31^st December of every year in case aggregate forex utilization by international  debit card holders exceeds $ 1,00,000 in a calendar year.

Now Reserve Bank of India has issued a new notification No. A.P. (DIR Series) Circular No.29 dated 22^nd December, 2010 in which RBI has advised all the banks authorized to deal in foreign exchange to discontinue the submission of above said statements from the calendar year 2010.

All other instructions of A.P. (DIR Series) Circular No.46 dated June 14, 2005 shall continue to remain the same.