Spending in foreign exchange through international credit cards will be covered under the RBI’s liberalised remittance scheme (LRS), under which a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum without the authorisation of the Reserve Bank, as per a Finance Ministry
Spending in foreign exchange through international credit cards will be covered under the RBI's liberalised remittance scheme, under which a resident can remit money abroad up to a maximum of $250,000 per annum without the authorisation of the Reserve Bank of India, as per a finance m inistry notification.
The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, to include international credit card payments in the LRS.
While many people would like to send money from abroad, few are well-versed in the technicalities associated with it, , remittances, inflow, gdp data, rbi norms