There have been no significant amendments made by the Reserve Bank of India, during the month of June 2002.

The RBI has clarified that International Credit Cards can be used on the internet for any purpose for which exchange can be purchased from an authorised dealer in India, such as for import of books, purchase of downloadable software or import of any other item permissible under EXIM Policy.

However, International Credit Cards cannot be used on internet or otherwise for purchase of prohibited items, like lottery tickets, banned or proscribed magazines, participation in sweepstakes, payment for call-back services etc., since no drawal of foreign exchange is permitted for such items/activities.

The RBI has further clarified that Debit Cards and ATM Cards can also be used for any purpose for which foreign exchange can be purchased from an authorised dealer in India.

Earlier, vide Notification No.14/2000-RB dated 3^rd May 2000, the RBI had clarified that payment received in rupees from credit card servicing banks in India against the charge slip signed by the buyer is a permissible method for receipt of payment for exports made out of India.

The RBI has now been decided to permit authorised dealers to receive payment for exports made out of India by debit to the credit card of an importer, where the reimbursement from the card issuing bank/organization will be received in foreign exchange.

Authorised Dealers are no longer required to submit Form ODA alongwith the prescribed documents to Reserve Bank for investments made under the automatic route by Indian parties.

All reports to be submitted by the Authorised Dealers to the RBI shall be in Form ODR.