Jammu and Kashmir News Report
Buisness

Government exempts LRS (liberalised remittance scheme) from offshore credit card spending

After issuing a CBDT circular stating that “no TCS shall be applicable on expenditure through international credit card while being overseas “till further order,” the finance ministry finally amended foreign exchange management rules at midnight on Friday to exclude international credit card spends from the scope of the liberalised remittance scheme (LRS).

Use of a foreign credit card when travelling outside of India. Nothing in Rule 5 shall apply to a person using an international credit card to pay for travel-related costs when that person is visiting outside of India, according to a Department of Economic Affairs (DEA) announcement.

The directive from DEA, a division of the ministry of finance, said that the notice was executed with retroactive effect as of May 16.

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

Related posts

Follow These Easy Steps To Add Your Threads To Instagram Stories

In light of rising inflation, the Reserve Bank of India is unlikely to change interest rates

This Is How the Newest Mobile From Nothing Costs Rs. 44,999. Nothing Phone (2) Unboxing

Would You Like To See Who Has Recently Followed You On Instagram? Examine This Easy Trick

Passenger car wholesales reach a record high in September due to holiday demand

Sensex is down 248 points, Nifty is getting close to 19,600, and the car industry is still doing well