Page 2 - Lrs Outward Remittance

Expedia to stop 'pay now' option for foreign bookings on TAAP India site

The online travel booking company said that it will do so 'given the complexity of complying to the changes' to the TCS rules which will come into effect on July 1

Your credit card payments overseas will attract a 20% TCS from July 1

For every $100 you spend abroad using your international credit card, you will need to fork out $120 and then claim it when you file your tax return

TMS Ep420: Russian crude oil, Sanjay Mehrotra, travel stocks, LRS

Is the India-Russia oil honeymoon ending? Who is Sanjay Mehrotra? Should you buy travel stocks ahead of holiday season? What are the key changes in LRS? All answers here

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

Outward remittances under RBI's LRS in April-January surpass FY22

The figure in FY22 was the highest ever in any financial year

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

Transfer your child's living expense before new TCS rates kick in

Higher TCS is temporary; you can adjust it against your tax liability or get refund

Budget 2023: Understanding 20% TCS on foreign remittance transactions

Budget 2023: Earlier, a 5 per cent tax collected at source was levied on foreign remittances

Outward remittance under LSR dips 28% to $1.92 bn in Oct, shows RBI data

International travel contributed over $970 million or 50 per cent of $1.92 billion remitted by Indians in October 2022

Outward remittances under liberalised remittance scheme jump 50% in H1

During the second quarter of FY23, remittances stood at $7.3 billion, compared to $5.2 billion a year ago

Indians remitted $2.67 billion in August under LRS scheme, shows data

According to RBI data, in August, Indians remitted $467.52 million for overseas education, $330.70 million for maintenance of close relatives, and $221.31 million in gifts.

Overseas remittances almost double year on year to $2 billion in April

Travel, relative care top the chart, with the former coming back to pre-Covid levels

Why LRS route for investing in capital markets abroad is mainly for HNIs

Those with small amounts should skip it owing to high costs and elaborate tax-related compliances

Outward remittances through RBI's LRS hit an all-time high in FY22

In FY22, outflows under the LRS scheme was to the tune of $19.61 billion, up 54.6 per cent from FY21, data released by the RBI showed

Tax collection at source on LRS to hit education abroad

The TCS is imposed on all LRS transactions above Rs 7 lakh including travel overseas

RBI tightens reporting norms of outward remittances to improve monitoring

Now banks will be required to upload daily transaction-wise information undertaken by them under LRS