Lrs

Outward remittances under India's LRS decline 5%, says RBI Bulletin

Remittances for studies abroad grew marginally to $416.39 million

International travel drives outward remittance under LRS to $2.7 bn in July

Investments in equity and debt schemes surged by 108 per cent to $120.86 million from $58.06 million

RBI's decision on LRS enhances attractiveness of GIFT IFSC, says city MD

The Reserve Bank has significantly enhanced the attractiveness and utility of GIFT IFSC by clarifying the use of LRS for investments and enabling transactions like insurance and education loan payments in foreign currency, said GIFT City MD and group CEO Tapan Ray on Thursday. GIFT city (Gujarat International Finance Tec-City) located in Gandhinagar has been envisaged as an integrated hub for financial and technology services not just for India but for the world. India's maiden International Financial Services Centre (IFSC) has been set up in GIFT City. The Reserve Bank of India (RBI) on Wednesday issued a circular expanding the scope of norms related to remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS). RBI said it has been decided that "authorised persons" may facilitate remittances for all permissible purposes under LRS to IFSCs for availing financial services or financial products as per the International Financial ...

Banks ready systems for capturing int'l credit card spends under LRS

Last year the government had announced that credit card spends in a foreign currency will be a part of LSR's annual limit of $2,50,000

Year ender 2023: 10 important regulatory changes that took place in India

2023 was a busy year for regulators like the Reserve Bank of India and the Securities and Exchange Board of India. Here are the 10 key changes on the regulatory front

Many Indian HNIs being asked by foreign banks to shut accounts: Report

Two British banks, one Swiss bank and a leading Emirates lender have closed the accounts of these Indians in the last two months

Parents may use education loan, dollar assets to lessen TCS impact

Travellers may split forex purchases, use international cards on foreign sites, and book various elements of the trip separately

Outward remittances under RBI's LRS rise 50% to $9.1 billion in Q1

According to the latest RBI data, the amount remitted under LRS stood at $9.1 billion in Q1FY24, compared with $6.05 billion in the same quarter last year

Onus on taxpayers to make correct declaration about LRS remittances

TCS on LRS will also apply to remote education and medical consultancy

Clarification on applicability of TCS on overseas credit card spends soon

The tax department will soon come out with a clarification in the form of FAQs to distinguish between expenses incurred on personal visits and business trips for levy of 20 per cent TCS on overseas credit card spends from July 1, a senior official said on Friday. Following a notification which brought credit card spends under LRS, concerns have been raised on how personal and business expenses would be segregated by the banks who will be required to deduct the TCS on such expenses. Finance ministry joint secretary (Tax Policy and Legislation) Raman Chopra said the government would soon issue a clarification on the mode of applicability of the TCS provision. "There has been a lot of discussion with the finance secretary, the revenue secretary and the finance minister. We are certainly going to come up with some clarifications and FAQs on that and that will clarify the position beyond any reasonable doubt in what manner TCS is to be collected and to what extent threshold is available

Overseas debit, credit card payments up to Rs 7 lakh a yr out of LRS: Govt

These transactions will not attract tax collected at source

Turning the clock back

New rules on remittances may rein in legal transfers

Remittances decline 23% sequentially to $2.1 billion in February

Further, in April 2022-February 2023, outward remittances under LRS stood at $24.18 billion, an all-time high

Indians spent nearly $10 billion on foreign travel in April-December

Before this, the highest spend on overseas travel in an entire financial year was $7 billion in 2019-20

Outward remittance in April-December almost equal to FY22 figure: RBI

In FY22, outflows under the LRS scheme at $19.61 billion was an all-time high

Bankers see rise in LRS remittances before new TCS rate kicks in

The TCS, is not in itself, a tax and credit for the amount paid on any transaction is available to the person to adjust against their tax liability for the year

Increase in TCS under LRS is to target discretionary spending: Revenue Secy

TCS on remittances made under the LRS was introduced in 2020

RBI partially eases curbs on SBM Bank till Mar 15 for customers' relief

On Jan 23, RBI had asked the lender to immediately stop transactions under LRS, following certain material supervisory concerns observed in the bank

Outward remittances under LRS scheme near $2 billion in Nov: RBI

International travel continued to over 50 per cent of the entire outward remittance by Indians under the scheme

Ultra-rich Indians seek residency in Portugal for better healthcare

Apart from investing in housing, Indians are also applying for 'jumbo life and term' insurance covers worth $20 million