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Daily Archives: May 18, 2023

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Govt. hikes tax on international credit card spends on foreign trips

Foreign ExchangeBy Surendra NaikMay 18, 2023

The Ministry of Finance on May 16 notified that the Foreign Exchange Management (Current Account Transactions) Rules 2000 amended to include international credit card payments under LRS. Under LRS a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum without the authorization of RBI. According to the notification, the…

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