RBI allows resident Indians to open foreign currency accounts in GIFT City
Indian residents are allowed to remit up to $250,000 (around ₹2.06 crore) per year without any prior approval from the Reserve Bank of India.
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July 2024
June 2023
May 2023
December 2021
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
Reverse FDI: Indians transferred $68 billion abroad in 5 yrs
Deposits under LRS on course to hit record high of $800 mn in CY21.
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.
