Lrs Outward Remittance
Outward remittances under RBI's LRS in April-January surpass FY22
The figure in FY22 was the highest ever in any financial year
 "Outward remittances under RBI's LRS in April-January surpass FY22")
Indians spent nearly $10 billion on foreign travel in April-December
Before this, the highest spend on overseas travel in an entire financial year was $7 billion in 2019-20
 "Indians spent nearly $10 billion on foreign travel in April-December")
Transfer your child's living expense before new TCS rates kick in
Higher TCS is temporary; you can adjust it against your tax liability or get refund
 "Transfer your child's living expense before new TCS rates kick in")
Budget 2023: Understanding 20% TCS on foreign remittance transactions
Budget 2023: Earlier, a 5 per cent tax collected at source was levied on foreign remittances
 "Budget 2023: Understanding 20% TCS on foreign remittance transactions")
Outward remittance under LSR dips 28% to $1.92 bn in Oct, shows RBI data
International travel contributed over $970 million or 50 per cent of $1.92 billion remitted by Indians in October 2022
 "Outward remittance under LSR dips 28% to $1.92 bn in Oct, shows RBI data")
Outward remittances under liberalised remittance scheme jump 50% in H1
During the second quarter of FY23, remittances stood at $7.3 billion, compared to $5.2 billion a year ago
 "Outward remittances under liberalised remittance scheme jump 50% in H1")
Indians remitted $2.67 billion in August under LRS scheme, shows data
According to RBI data, in August, Indians remitted $467.52 million for overseas education, $330.70 million for maintenance of close relatives, and $221.31 million in gifts.
 "Indians remitted $2.67 billion in August under LRS scheme, shows data")
Overseas remittances almost double year on year to $2 billion in April
Travel, relative care top the chart, with the former coming back to pre-Covid levels
 "Overseas remittances almost double year on year to $2 billion in April")
Why LRS route for investing in capital markets abroad is mainly for HNIs
Those with small amounts should skip it owing to high costs and elaborate tax-related compliances
 "Why LRS route for investing in capital markets abroad is mainly for HNIs")
Outward remittances through RBI's LRS hit an all-time high in FY22
In FY22, outflows under the LRS scheme was to the tune of $19.61 billion, up 54.6 per cent from FY21, data released by the RBI showed
Tax collection at source on LRS to hit education abroad
The TCS is imposed on all LRS transactions above Rs 7 lakh including travel overseas
 "Tax collection at source on LRS to hit education abroad")
RBI tightens reporting norms of outward remittances to improve monitoring
Now banks will be required to upload daily transaction-wise information undertaken by them under LRS
 "RBI tightens reporting norms of outward remittances to improve monitoring")
