AHEAD OF THE deadline for the TCS (tax collected at source) which was supposed to come into effect from July this year, remittances by resident Indians to other countries jumped 35% on a month-on-month basis in June 2023 and 96% when compared to June 2022.
According to Reserve Bank of India (RBI) data, fund outflow under the RBI's Liberalised Remittances Scheme (LRS) shot up to $3.89 billion (₹32,000 crore) in June as against $2.88 billion (₹23,900 crore) in May this year. LRS outflows in June 2022 were just $1.98 billion (16,430 crore).
There was a significant rise in LRS outflows under the categories of equity/ debt investment, purchase of immovable property, overseas deposits and maintenance of relatives abroad.
The government had since then postponed the implementation of TCS on remittances to October 1, 2023. Under LRS, all resident individuals, including minors, can remit up to $250,000 (approximately ₹2.07 trillion) abroad per year without prior approval from the RBI.
Denne historien er fra August 22, 2023-utgaven av Financial Express Mumbai.
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Denne historien er fra August 22, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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