Recently, the Reserve Bank of India (RBI) issued a circular stating charges or fees on forex prepaid cards, international debit cards, or travel cards, which are payable in India, must now be denominated and settled in rupees. This is because the RBI had observed that a few authorised companies issuing cards were asking for certain fees/charges to be paid in foreign currency. RBI's move will reduce the transaction cost of customers and dealers. The recovery of charges in INR currency will eliminate conversion costs. The US dollar, UK pound, Euro, etc. are some of the foreign currencies made available via forex cards.