New TCS rates to apply from October 1
For the first ₹7 lakh remittance under LRS, there won't be any TCS
liberalised remittance scheme
June 2023
May 2023
February 2023
February 2021
No TCS on small debit, credit card transactions abroad: Govt
Payments by an individual using their international debit or credit cards up to ₹7 lakh per year will be excluded from LRS, says Ministry of Finance
20% TCS on credit card spends abroad not high: Govt
International credit cards are being issued with limits in excess of the current LRS limit of $2,50,000, says Ministry of Finance
Overseas credit card spends come under LRS, to attract 20% TCS
Credit card spends on foreign trips will now attract 20% TCS from July 1
Indians spend over $1 bn monthly on foreign travel in Apr-Dec FY23
Outward remittances under LRS for travel stood at $9.95 billion, up from $4.16 billion during the same period last year and $5.4 billion during FY21.
RBI clips wings of IFSCA’s GIFT City banking plans
A potential tiff between regulators, policy restrictions, and likely legal hassles have delayed the proposed launch of foreign currency accounts by a slew of banks.
