Spending in foreign exchange through international credit cards will be covered under the RBI’s liberalised remittance scheme (LRS), under which a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum without the authorisation of the Reserve Bank, as per a Finance Ministry notification. The Union Budget 2023-24 hiked TCS […]
Legal experts have noted that businessmen who frequently travel abroad may cross the Rs 7-lakh limit easily, and upon crossing it may choose to source foreign exchange from informal markets.