 "online, betting, scam, frauds, match fixing")
The Central Board of Indirect Taxes and Customs (CBIC) has raised the red flag with the Reserve Bank of India (RBI) on the Liberalised Remittance Scheme (LRS) being misused for betting overseas, which is not allowed and is resulting in significant tax evasion.
According to a preliminary probe by the CBIC, several individuals and entities are misusing the LRS route to place bets on offshore betting platforms allegedly operating from tax havens.
“We have taken up the matter with regulators, particularly the RBI. We suspect entities and individuals mis-declaring their purpose of making foreign exchange transactions and using those amounts
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