Credit Card Forex Payments under LRS

 With the advent of credit cards and their widespread acceptance, individuals have increasingly relied on them for making purchases abroad. Recognizing this trend, the finance ministry has introduced amendments to the FEMA, specifically targeting credit card forex payments under the Liberalised Remittance Scheme (LRS). In this blog post, we will delve into the details of credit card forex payments under LRS, exploring the implications, benefits, and guidelines for individuals looking to engage in international spending.

Charu Dhasmana

· 5,428 views

What is Liberalised Remittance Scheme (LRS)?

 Under the Liberalised Remittance Scheme (LRS), all resident individuals are allowed to freely remit up to USD 2,50,000 or its equivalent per financial year to another country for investment and expenditure. They can also open and maintain foreign currency accounts abroad for executing transactions. As a part of Foreign Exchange Management Act (FEMA) 1999, LRS was introduced on 4th February, 2004 with an outward remittance limit of USD 25,000 during a financial year.

Manoj Negi

· 28,675 views

Tax on NRI Business Income in India: Section 44DA of IT Act

 India's economy has been witnessing an increasing trend of Non-Resident Indians (NRIs) venturing into business activities within the country. Section 44DA of the Income Tax Act, 1961 outlines clear regulations for computing taxable income and determining the tax on NRI business income in India. This article will delve into the key aspects of Section 44DA and shed light on its implications for NRIs.

Charu Dhasmana

· 6,493 views

NRI Account for Indians in Australia: Top Banks for NRI Account

 Australia is one of the favorite overseas destinations of Indians for employment, higher education and tourism. A large number of NRIs or people of Indian origin are living in Australia. As per the guidelines of the Reserve Bank of India, NRI and PIOs have to open an NRI account to conduct banking transactions in India. Based on their transactional needs, NRIs can open an NRE savings account or NRO savings account. Several Indian banks cater to NRI customers residing in Australia through their online and offline channels. Here are some of the best banks for an NRI account for Indians in Australia.

Manoj Negi

· 34,609 views

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