New Delhi: Credit card has become one of the common payment options in today’s time.
Various types of credit cards are available and people are majorly paying for shopping, traveling, entertainment etc. with credit cards. But there are some payments that cannot be made using a credit card. The RBI (Reserve Bank of India) has put a ban on such payments through credit cards. SBI Card has given information about this by sending an email to its customers.
Cannot pay for these things with credit card
- forex trading
- purchase lottery tickets
- call back services
- betting
- Sweepstakes
- gambling transactions
- Purchase of banned magazines
What it says The use
of credit cards for the mentioned products/services is strictly prohibited under the Foreign Exchange Management Act 1999 i.e. FEMA and other applicable provisions. RBI rules state that in case of violation of this directive, the credit cardholder (including the add-on cardholder) may be held liable and debarred from holding the card.
SBI Card has said in the email that there are many forex trading merchants, casinos, hotels and websites that advertise the mentioned products and services and ask for credit card payment for them. But don’t fall in this trap.
