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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 fina
According to a Finance Ministry notification, an Indian resident can remit money abroad up to a maximum of $2.50 lakh per annum without the authorisation of the RBI. Any remittance beyond that in foreign currency would require approval from the RBI.
RBI expands remittance scheme to include international credit card expenses, increasing oversight.
20% TCS: Twitter users went as far as dubbing govt's move to impose 20% TCS on international credit card usage as 'tax terrorism'
The Finance Ministry has published an FAQ on its announcement that international credit card payments will come under the RBI's liberalised remittance scheme, or LRS.