An Reserve Bank of India notification issued on June 5, 1999 has clarified that since the issuers of international credit cards (ICC) have to obtain an undertaking from the applicant that the utilisation of the card would be strictly in accordance with the Exchange Control Regulations and that in the event of failure to comply with the regulations, the card holder would be liable for action under the provisions of Foreign Exchange Regulation Act, 1973, the onus of ensuring compliance with the regulations is on the holder of ICC. "The authorised dealers/card issuing organisations can not insist on submission of post trip declaration by the holder of ICC issued by them, at the time of settlement of dues against such cards," RBI communique said.

RBI to be closed on June 30

Offices of the Reserve Bank of India will remain closed for public transactions on June 30, 1999. An RBI statement today said this was being done due to annualclosing of accounts.

ICICI Bank opens new branch

ICICI Bank has further consolidated its branch network by opening its 59th branch at Vishakhapatnam on Tuesday. With this, the bank now has 68 offices, 59 branches and 9 extension counters in the country.