n a move that could weigh on personal expenses of wealthy Indians on foreign trips, including for gifts, the government has ended a key relaxation on the use of international credit cards (ICCs) by residents touring abroad.
Such transactions would now be included in the computation of the limit of $2,50,000 under the liberalized remittance scheme (LRS) per person per year, beyond which the central bank’s approval would be required.
The Indian government has ended a key relaxation on the use of international credit cards (ICCs) by residents touring abroad. Such transactions would now be included in the computation of the limit of $2,50,000 under the liberalized remittance scheme (LRS) per person per year, beyond which the central bank’s approval would be required. This change comes into effect immediately.
