adi.agarwalla
TF Buzz
Hey everyone,
I know it’s all up in the air currently, but if you have some insight into the following questions, would appreciate it.
1. Do foreign currency transactions on CC between April 1 – May 15 get covered under the 7 lac LRS limit (without 5% TCS) that is in place until 30 June? or since the first government notification came on May 16, do only foreign currency CC transactions from May 16 – June 30 get covered under the 7 lac LRS limit?
2. In the 2nd government notification (https://pib.gov.in/PressReleasePage.aspx?PRID=1925592) shared on 19 May where they clarified the May 16 notification, they introduced a (new) 7 lac limit on intl CC use which would not fall under the LRS quota and hence the TCS collection.
—– Is this 7 lac limit separate for just intl CC use or does it include other modes too e.g. investment in US stocks?
—– Is the start date for this considered to be 1 April 2023 or May 16 2023 or May 19 2023 or July 1 2023?
—– Is this 7 lac limit per CC or per bank (multiple cards in 1 bank) or per PAN?
Thanks!
I know it’s all up in the air currently, but if you have some insight into the following questions, would appreciate it.
1. Do foreign currency transactions on CC between April 1 – May 15 get covered under the 7 lac LRS limit (without 5% TCS) that is in place until 30 June? or since the first government notification came on May 16, do only foreign currency CC transactions from May 16 – June 30 get covered under the 7 lac LRS limit?
2. In the 2nd government notification (https://pib.gov.in/PressReleasePage.aspx?PRID=1925592) shared on 19 May where they clarified the May 16 notification, they introduced a (new) 7 lac limit on intl CC use which would not fall under the LRS quota and hence the TCS collection.
—– Is this 7 lac limit separate for just intl CC use or does it include other modes too e.g. investment in US stocks?
—– Is the start date for this considered to be 1 April 2023 or May 16 2023 or May 19 2023 or July 1 2023?
—– Is this 7 lac limit per CC or per bank (multiple cards in 1 bank) or per PAN?
Thanks!
