 "Banks")
The finance ministry is “evaluating” the issues related to the implementation of a new rule that mandates 20 per cent tax collected at source (TCS) on foreign remittances.
“The decision on extending the July 1 deadline (for the implementation of the new rule) has not yet been taken. However, it cannot be completely ruled out amid procedural challenges,” a government source privy to the matter told Business Standard. He confirmed that a few banks have raised concerns with the finance ministry regarding the preparedness of the reporting systems required to implement the new rule.
“Some banks are ready with the
