A new rule introduced by the finance ministry over the use of credit cards has created quite a storm, which introduces 20% TCS (Tax Collected at Source) over the use of credit cards for international purchases. This was done by including the foreign spending on credit cards in the RBI’s liberalised remittance scheme (LRS). On 16 May, … Read more
In a major success for the Narendra Modi government, during the last nine fiscal years, scheduled commercial banks have recovered approximately Rs 10 lakh crore, as per the government’s information to the Lok Sabha. In a written response to a question in the Lok Sabha on Monday (July 24), Minister of State for Finance Bhagwat … Read more
The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) on Thursday for establishing a framework to promote the use of local currencies – the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions. The MoU was signed by the Governor, Reserve Bank of India, Shaktikanta … Read more