Got this email from Amex. Is it another move by RBI to curb INR fall.
Dear Card Member,
This is to inform you that as per RBI mandate we will be setting an overseas spend limit on your magnetic stripe Card issued by American Express® in India effective November 30, 2013.
We have assigned this above mentioned overseas spend limit at US$ XXXX to offer you flexibility in incurring your expenses while travelling overseas.
Please note that the above mentioned spend limit is only applicable for spending done overseas and will not impact any spending done within India. For domestic transactions, you can continue to use your existing magnetic stripe Card as you normally do.
In case you anticipate that you will need a different limit on your Card, you can inform us of your specific requirement by calling us on the number mentioned on the reverse of your Card.
We look forward to continue serving you as our valued Card Member.
Yours sincerely,
Sapna Chadha
Sapna Chadha
Vice President, Marketing
American Express Banking Corp., India