Foreign airlines operating in India cannot settle transactions overseas: RBI

According to a Reuters report, the Reserve Bank of India (RBI) has asked foreign airlines operating in India to stop the practice of using overseas banks to settle transactions on the sale of air tickets in India.

Some foreign airlines have an arrangement in India with credit card companies for allowing customers to select the country and currency of their choice while buying tickets from India. In such a transaction, the overseas bank receives funds from the card company in its account maintained with an authorised dealer bank in India or in its foreign currency account maintained abroad and makes the payment in a foreign currency to the foreign airline.

“It is clarified that the practice adopted by foreign airlines, as mentioned above, is not in conformity with the extant provisions of the Foreign Exchange Management Act. Therefore, advise the foreign airlines to discontinue immediately the practice of using overseas banks for settlement of INR transactions on account of sale of air tickets in India,”stated the statement issued by RBI.
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Plan Journey Ahead

Turkey has turned to be one of the highly preferred holiday destinations in the world. Many people are showing great interest in visiting Turkey to spend the next holidays in the most beautiful manner. This is mainly due to the emergence of the country with great developments in the tourism sector. The country is really beautiful with many tourist places to visit. In fact there are many beaches and sea shores which are of great to the people of all age groups with lots of water sport activities. You might be little concerned about the means by which you could reach this land and this factor has nothing to get worried. There are number of flights flying from all the major cities of the world to the metro cities of Turkey and it is your duty to catch a suitable flight from your nearest airport during the best holiday season so that you can visit all the places without facing any issues.

Summers are considered as the peak as well as best time to visit Turkey as the climate is highly pleasant and also you might be able to take break from your routine activities easily without facing any issues. It is always better to plan your holidays ahead of journey preferably months before the trip as you will be able to reserve your seats in advanced wherein you might be getting the opportunities of high end discount rates as well as offers. These facilities are provided only during the peak seasons and as a result you could save lot of money from being wasted and this amount can be utilized for many other purposes. Also if you move on with the tickets till the last minute there are chances that you might not get enough number of seats and as a result you will have to eventually cancel your journey without giving any second thoughts. The next concern is with respect to the accommodation facilities and there are many hotels and home stays in the country as per different ratings and you can reserve your rooms ahead of time by surfing widely on internet through the means of online hotel reservation facility. The tariff page might be making you worried but again early reservation will play its role of getting reduction even in the room rent. As a result you will be enjoying the hospitality and Turkey food in the cheap holidays.
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