ED Flags Indian Credit Card Transactions for Dubai Real Estate
MUMBAI: As rain dampens Dubai, the property market faces stress, prompting Indian buyers who used credit cards for their purchases in Dubai to receive notices from the Enforcement Directorate (ED). These buyers often used international credit cards (ICCs) during their visits to the Emirates for initial deposits or clicked on developer-sent payment links, likely unaware that they were violating Indian laws. Sources indicate that at least three individuals received notices from the ED in February, inquiring about the source of their funds for these transactions. Credit card transactions are treated as short-term loans, and foreign exchange regulations restrict individuals from…
