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Saturday, February 24, 2024

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.

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