Wealthy Indians face restricted access to offshore credit cards
According to a report by The Economic Times, international banks are frequently denying or failing to renew credit cards for affluent Indian clients. This shift is attributed to stricter regulations regarding foreign bank accounts. A 2022 directive from the Reserve Bank of India (RBI) prohibits resident Indians from maintaining inactive balances in overseas accounts for more than six months. This policy was implemented in conjunction with updated guidelines on foreign investments and the existing $250,000 annual limit under the Liberalised Remittance Scheme (LRS).
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