SBI cards cannot be used for betting, gambling, online casinos

Mailer from SBI cards regarding betting, gambling, online casinos( reposted for information only)

We would like to inform you about an important Reserve Bank of India (RBI) regulation with respect to the use of credit card for the following transactions:

Forex Trading
Purchase of Lottery Tickets
Call Back Services
Betting, Sweepstakes and Gambling Transactions
Banned Magazines

There are many forex trading merchants, casinos, hotels and websites that prominently advertise the above products and services and ask you to pay through your credit card for these services.
Under the Foreign Exchange Management Act, 1999 (FEMA) and other applicable regulations, use of a credit card for purchasing items/ services above mentioned is strictly prohibited. RBI regulations mandate that in the event of any non-compliance of this guideline, the cardholder (including the Add-on cardholder) will be held liable and the cardholder may be debarred from holding the card.

This entry was posted in Uncategorized. Bookmark the permalink. Both comments and trackbacks are currently closed.