The Central Board of Indirect Taxes and Customs (CBIC) has raised the red flag with the Reserve Bank of India (RBI) on the Liberalised Remittance Scheme (LRS) being misused for betting overseas, which is not allowed and is resulting in significant tax evasion. According to a preliminary probe by the CBIC, several individuals and entities are misusing the LRS route to place bets on offshore betting platforms allegedly operating from tax havens.
"We have taken up the matter with regulators, particularly the RBI. We suspect entities and individuals misdeclaring their purpose of making foreign exchange transactions and using those amounts for betting overseas, which is prohibited," a senior government official told Business Standard.
Introduced in 2004, the LRS allows resident individuals, including minors, to remit up to $250,000 a financial year for any permissible overseas transaction.
The scheme, however, prohibits transactions such as remittances for purchasing lottery tickets and trading in foreign exchange abroad.
This story is from the November 03, 2022 edition of Business Standard.
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This story is from the November 03, 2022 edition of Business Standard.
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