The Enforcement Directorate (ED) has flagged cases in which Indians used credit cards to purchase property overseas, particularly in Dubai, raising questions about compliance with foreign exchange regulations and other regulatory norms.
The Economic Times newspaper reported on March 23 that The ED has served notices to at least three persons. for using their credit cards to pay the initial deposit or for clicking payment links sent by UAE developers.
From a personal finance standpoint, this trend highlights a key concern: Is it wise to use credit cards for high-value transactions, such as property purchases or EMIs, given the steep interest rates and the risk of incurring costly debt? While convenient, relying on credit cards for large payments can quickly become expensive if balances are not cleared on time.
