Update on International Credit Card Expenditure: Impact on Cardholders
Posted on Saturday, June 24th, 2023 |
On May 16, 2023, the Finance Ministry struck down Rule 7 of the Foreign Exchange Management Act (FEMA), bringing forex spending through internationalcredit cardsunder the purview of the Liberalised Remittance Scheme (LRS). The LRS caps outward remittance at $2,50,000 per annum without the approval of the Reserve Bank of India (RBI). Cardholders must also pay…
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