The plan to bring overseas credit-card spend above a threshold under the Liberalised Remittance Scheme (LRS) and a 20% tax-collected-at-source (TCS) is unlikely to be implemented from April 1, as the government is inclined to defer it again till the elections are over, sources from the government and banks told FE on condition of anonymity.
The roll-out of the scheme, first announced in Budget FY23 with an aim to put a lid on rising outward foreign remittances, was put in abeyance after it created a flutter among Indians seeking to study abroad, and the HNI community. The plan to postpone its implementation further is despite most banks having put in place the necessary IT infrastructure.
The government’s move followed a rising incidence of international credit card spend by Indians above the annual LRS limit for an individual of $2,50,000.
OUTBOUND REMITTANCES under the LRS has been rising relentlessly in recent years, with much of the transactions being carried out during overseas travel by Indians. In April-January this fiscal, such remittances rose 24% on year to $27.4 billion.
この記事は Financial Express Mumbai の March 30, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Financial Express Mumbai の March 30, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
‘Lightbox 2.0 will enhance our operational expertise'
Venture capital firm Lightbox Ventures is gearing up to raise a $200million fund. Managing director Sandeep Murthy discusses the company's strategic shift, and future plans in an interview with with Anees Hussain.
Challenges After Childhood Cancer
Young adults typically aspire to achieve financial and emotional stability, seeking a caring and affectionate partner.
Exports Drop 2.4% in Jan, Trade Deficit as Expected
INDIA'S MERCHANDISE TRADE deficit touched $23 billion in January as exports of petroleum products more than halved last month while imports of machinery, raw materials and gold showed significant growth rates.
Misinformation & Myths
Cancer is a complex and often misunderstood disease, and unfortunately, many myths and misinformation surrounding it continue to circulate, causing confusion and fear, usually leading to harmful decisions about treatment and prevention.
Benefits Of Cancer Screening
A recent report in the prestigious Journal of the American Medical Association (JAMA, Dec 5 2024) estimated that in the US, 5.94 million cancer deaths were averted for breast, cervical, colorectal, lung, and prostate cancers combined, of which, cancer prevention and screening efforts averted 8 of 10 of these deaths (4.75 million averted deaths).
India to build first offshore airport
To come up on an artificial island near Mumbai
DeepSeeking AI Action Summit
Even though America signed the 2015 Paris Climate Summit, they continued to feel uneasy about it.
Jio-bp to expand retail infra, EV charging units
Scaling Up
Exports drop 2.4% in January
THE CURRENT ACCOUNT deficit (CAD) has been contained at 1.2% of GDP in the second quarter of 2024-25 due to higher services export earnings.
Higher bank deposit cover on the cards
THE GOVERNMENT IS \"actively considering\" a higher insurance cover for bank deposits from the ceiling of ₹5 lakh fixed less than five years ago, department of financial services (DFS) secretary M Nagaraju said on Monday.
