RBI allows resident Indians to open foreign currency accounts in GIFT City
Indian residents are allowed to remit up to $250,000 (around ₹2.06 crore) per year without any prior approval from the Reserve Bank of India.
Indian residents are allowed to remit up to $250,000 (around ₹2.06 crore) per year without any prior approval from the Reserve Bank of India.
For the first ₹7 lakh remittance under LRS, there won't be any TCS
Payments by an individual using their international debit or credit cards up to ₹7 lakh per year will be excluded from LRS, says Ministry of Finance
International credit cards are being issued with limits in excess of the current LRS limit of $2,50,000, says Ministry of Finance
Credit card spends on foreign trips will now attract 20% TCS from July 1
Deposits under LRS on course to hit record high of $800 mn in CY21.
A potential tiff between regulators, policy restrictions, and likely legal hassles have delayed the proposed launch of foreign currency accounts by a slew of banks.