Byline: Ankush Chibber
The Reserve Bank of India is clamping down on foreign airlines operating in India by mandating they stop using overseas banks to settle card transactions used to buy airline tickets in India.
Foreign airlines have an arrangement in India with credit card networks to allow customers to select the currency used when buying tickets in India.
In such a transaction, the overseas bank receives funds from the card company in its account maintained with an authorized dealer bank in India or in its foreign currency account …
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