Whatever you earn. Apart from meeting his today's expenses, he must have kept some money safe for his future as well. This is also necessary because without money nothing is known. That's why people keep withdrawing the money kept in the bank through ATMs at the time of need. At the same time, the trend of credit card is also very big in the last few years. The bank gives you a card by setting some limit and then you spend that money according to your need and return it to the bank. You can meet your needs by paying with a credit card, but do you know that there are some things that you cannot pay for with a credit card? Probably not, but it is important for you to know that the Reserve Bank of India has banned the payment of certain places or things with credit cards. If you do this then you may get harmed. So let's know without delay, what are these things, which you cannot pay with a credit card. You can learn about this in the next slides...
Know the rules first
If you look at this rule of the Reserve Bank of India, it is prohibited to use credit cards for the purchase of services mentioned under the Foreign Exchange Management Act, 1999 FEMA, and other applicable rules.
Can't pay for these things: -
Forex trading
To buy lottery tickets
For call-back services
To place money on betting
To bet on horse racing
To invest in gambling
For purchase of restricted magazines.
It could be a loss
You must have come to know what things you cannot pay under RBI rules. Notwithstanding this, if you do so in contravention of these Guidelines, the Cardholder shall be held liable for any breach of these Guidelines following the Rules. At the same time, his credit card will be taken back from the cardholder.
(PC: Freepik)
