TCS hike in tour packages to have limited impact on demand: Report
Travel operators' revenue growth to normalise at 12-14% next fiscal; healthy profitability, strong balance sheets to bolster credit profiles, says ICRA
liberalised remittance scheme
December 2023
June 2023
May 2023
February 2023
February 2021
New TCS rates to apply from October 1
For the first ₹7 lakh remittance under LRS, there won't be any TCS
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.
