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UPSC Essentials | Daily subject-wise quiz | Economy (Week 46)

Are you preparing for UPSC CSE Prelims 2024? Check your progress and revise your topics through following quiz on Economy.

United kingdomSri lankaRevenue departmentNational payments corporation of indiaFinancial action task forceRoyal monetary authorityForeign exchange management current account transactionsUnified payments interfaceRice intensificationReserve bankLiberalised remittance schemeAmendment rulesForeign exchange managementCurrent account transactionsNational payments corporationDirect seeding

Banks yet to get communication to ready reporting mechanism for credit card spending abroad under LRS

Banks yet to get communication to ready reporting mechanism for credit card spending abroad under LRS
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Foreign exchange management current account transactionsInternational credit cardsRemittance schemeReserve bankTax collectedFinance ministryForeign exchange managementCurrent account transactionsResident individualsForeign currency accountTax collectionFinance act

Cross-Border Unified Payments Interface upi Transactions

Every month, the number of UPI transactions continue to surpass those of the previous month. According to the NPCI, for the month of May 2023, the total number of monthly UPI transactions reached a record 9.4 billion

United kingdomSaudi arabiaUnited statesNew delhiHong kongAkhileshwari anandManam infotechArab monetary fundIndian overseas bankGateway payments servicePayments servicesInternational payments limitedMonetary authority of singaporeForeign exchange managementAxis bankNetwork international

International Credit Card Spends Excluded from Remittance Scheme: Finance Ministry

Finance ministry amends foreign exchange rules to exclude international credit card spends from the liberalised remittance scheme (LRS).

Foreign exchange management current account transactionsInternational credit cardForeign exchange managementCurrent account transactionsFinance ministryForeign exchange managementCredit card spendsLiberalised remittance schemeInternational credit cardIsit outside indiaEm cat rulesMaximum limitCompliance burdenTax collection at sourceMay 16T based solutions

No TCS On International Credit Card Payments Abroad: Centre Scraps New Rule

Payments made by using international credit cards (ICC) during overseas visits will not attract Tax Collected at Source or TCS, as per the latest notification issued by the Finance Ministry.

Bank liberalised remittance schemeForeign exchange management current account transactionsInternational credit cardsCentre scraps new rule internationalInternational credit card spendsInternational credit card spends abroadCentre scraps new ruleTax collectedForeign exchange managementCurrent account transactionsReserve bankLiberalised remittance schemeTcs on international credit card paymentsTax collected at source tcsCredit card spendsFinance ministry