RBI includes International Credit Card usage in LRS, mandates 20% TCS w.e.f 1st July 2023

Last updated: 19 May 2023

Spending in foreign exchange through international credit cards will be covered under the RBIs liberalised remittance scheme (LRS), under which a resident can remit money abroad up to a maximum of $2.50 lakh per annum without the authorisation of the Reserve Bank,as per a Finance Ministry notificati

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