3 ms·
Why 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 la
by unmole 3y ago
Why 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.