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The Centre on Tuesday brought international credit card spending outside India under the Liberalised Remittance Scheme (LRS) and issued an explainer on Wednesday to clear any confusion.
The #EnforcementDirectorate investigation revealed #ZavarehSoliPoonawalla and his family members had remitted foreign exchange abroad by misutilization the provisions of LRS scheme.
Three properties worth Rs 41 crores were seized by the Enforcement Directorate, under Foreign Exchange Management Act (FEMA) provisions, after the name of a businessman appeared in Panama papers regarding offshore entities, the agency said on Monday.
If the budget proposals are passed in their current form, Indian tourists and individuals who invest globally are likely to face a surge in upfront costs for their activities. To be sure, extra TCS collected at such points can be reclaimed while filing income tax returns.