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By including credit card transactions in the $250,000 Liberalized Remittance Scheme (LRS) limit, the government has moved to amend the Foreign Exchange Management (Current Account Transaction) Rules...
Changes in FEMA rules: Debit, credit cards to have parity nagalandpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nagalandpost.com Daily Mail and Mail on Sunday newspapers.
Explained: The finance ministry on Thursday said the changes in FEMA rules, which brings overseas international credit card spending under RBI's liberalised remittance scheme
Credit card spends outside India have been brought under the ambit of the LRS — under which all resident individuals, including minors, can remit up to $2,50,000 (approximately Rs 2.06 crore) abroad per year without prior approval from the RBI
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The clarification comes days after the ministry's decision to bring international credit card spending under the RBI's liberalised remittance scheme and the consequent levy of 20 per cent TCS evoked sharp reactions from experts and stakeholders.
Changes in FEMA rules to bring parity in treatment of overseas spending via debit, credit cards orissapost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orissapost.com Daily Mail and Mail on Sunday newspapers.