Axis Bank of India has launched a Rupee-denominated travel card for foreign nationals and non-resident Indians who are travelling to the country. The cards can be loaded with cash, including foreign currency, but purchasers must prove they are foreign nationals, according to The Hindu Business Line.
Only foreign nationals and non-resident Indians can apply for this card. Documentation requirements aren’t difficult either as you will need to submit a copy of your passport and visa along with a completed and signed application form to get the India Travel Card.
The card faces a struggle in that it can only be purchased at an Axis Bank branch, and the number of branches where they are currently offered is limited. The card can be used at 470,000 merchant locations and 44,000 ATMs, according to a press release.
India Travel Card has a limit of Rs. 50,000 that can be used at any point of time. Customer can reload the card at selected Axis Bank branches within 6 months from the date of first credit. The available balances on the India Travel Card is fully refundable into rupees (and thereafter into foreign currency) on departure of the tourist from India. The card includes the facility to change PIN at Axis Bank ATM and viewing statements online.
Read the complete press release at: http://www.moneycontrol.com/news/press-release/axis-bank-launches-india-travel-card_518901.html
The card helps solve problems for travelers such as allowing for card purchases in a place where their home country cards may not be accepted, locking in exchange rates at the time of loading, and dealing with limits on carrying currency set by the Reserve Bank of India, according to a story in Daily News & Analysis.
As per the Reserve Bank of India guidelines, a tourist can carry foreign exchange up to $10,000 per fiscal, of which only $3,000 can be carried in the form of foreign currency notes and coins.
Read the full story at: http://www.dnaindia.com/money/report_foreign-travel-made-easier-with-prepaid-cards_1509357
Still, travelers need to be aware of the cards for them to be effective, and they must offer ease of purchase. It seems to have future success, this card will need to be marketed outside of India to potential travelers.
Read the complete Hindu Business Line story at: http://www.thehindubusinessline.com/…cle1447515.ece