The finance ministry on Wednesday deferred by three months the implementation of a higher TCS rate of 20 per cent on expenditures made under LRS and overseas tour packages till September 30
Forex cards work like debit or charge cards that you can load up before you travel abroad. Every swipe deducts the amount from your card. On the other hand, your credit card gives you reward points at every swipe.
India s central bank, the RBI, is taking steps to boost the international presence of its domestic RuPay card, which has over 672 million debit card users, by allowing the issuance of foreign currency cards, including prepaid forex cards. Experts say the move will increase acceptance of RuPay overseas, allow corporates and individuals to use the cards abroad, and position it alongside global payment networks like Mastercard and Visa. The RBI also approved the use of RuPay credit cards on UPI, a facility its rivals don t have access to so far. Bhutan, Singapore, UAE and Nepal have already operationalized RuPay cards.