News Indian Bulletin
Buisness

Government exempts LRS (liberalised remittance scheme) from offshore credit card spending

After issuing a CBDT circular stating that “no TCS shall be applicable on expenditure through international credit card while being overseas “till further order,” the finance ministry finally amended foreign exchange management rules at midnight on Friday to exclude international credit card spends from the scope of the liberalised remittance scheme (LRS).

Use of a foreign credit card when travelling outside of India. Nothing in Rule 5 shall apply to a person using an international credit card to pay for travel-related costs when that person is visiting outside of India, according to a Department of Economic Affairs (DEA) announcement.

The directive from DEA, a division of the ministry of finance, said that the notice was executed with retroactive effect as of May 16.

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Related posts

Due to a decline in income and other variables, Indian states are expected to fail their capital expenditure objectives this fiscal year

Could Google Permit ChatGPT To Be Android Phones’ Default Voice Assistant? What We Know Is As follows

OPS and NPS together! How Will The Andhra Pradesh Guaranteed Pension Scheme Operate?