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The Ministry of Finance on Friday said it decided that any payments by an individual using their international debit or credit cards upto Rs seven lakh per financial year will be excluded from the RBI's Liberalised Remittance Scheme (LRS) limits and hence, will not attract any Tax Collected at Source (TCS).
Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.
The moderation in the country's retail inflation in April has validated the Reserve Bank of India's (RBI) decision to pause the repo rate in its first 2023 monetary policy meeting, according to SBI Research.
A special Delhi court fixed May 12 for consideration of the Central Bureau of Investigation (CBI)'s supplementary charge sheet filed on Tuesday against former Delhi Deputy Chief Minister Manish Sisodia and three others in connection with the now-scrapped excise policy.
The Finance Ministry has invited applications for the post of deputy governor of the Reserve Bank of India (RBI) to be appointed in place of MK Jain whose tenure comes to an end in June.