Govt. Brings International Credit Card Spending Under LRS, 20% TCS Payable

By including credit card transactions in the $250,000 Liberalized Remittance Scheme (LRS) limit, the government has moved to amend the Foreign Exchange Management (Current Account Transaction) Rules after consulting with the RBI.The liberalized remittance scheme (LRS) enables citizens of India to send money abroad for a variety of predetermined uses without any restrictions or prior...