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.
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