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1. This was in response to "This seems like a push for digital payments." 2. Yes, they did raise the limit to 7 lakhs in a year after public backlash. Initiall
by throwaway384629 3y ago
1. This was in response to "This seems like a push for digital payments."
2. Yes, they did raise the limit to 7 lakhs in a year after public backlash. Initially the 7 lakhs was not there.
- unmole 3y agoWhy are you conflating digital payments with Forex transactions? > Yes, they did raise the limit to 7 lakhs in a year after public backlash. Initially the 7 lakhs was not there. The limit was always there. The notification is simply a clarification because the earlier rules were ambiguous.
- throwaway384629 3y agoFollowing is the text from the link that you shared. They took the decision to raise the limit to Rs 7 lakh per financial year after public concern. This limit was definitely not there before. >> To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS.