Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.
China will use airpower to support Pakistan from the start of a war. China will use the opportunity to at least take Ladakh. Its growing navy will prevent India from blockading or attacking the Makran Coast. And thanks to Chinese weapons, Pakistan keeps expanding its forces, observes Ravi Rikhye.
Prime Minister Narendra Modi on Wednesday said that the country's economic growth is picking up pace again and the domestic industry needs to enhance its risk-taking appetite. Noting the recent reforms taken by the government, the Prime Minister said that bringing reforms is a matter of conviction for his government, which is ready to take all risks in the national interest. "We have taken bold decisions. Reforms continued even during pandemic. "The government is doing reforms not out of compulsion but out of conviction," he said while addressing the CII's annual meeting.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
The union government is expected to cut two per cent import duty in gold in the forthcoming budget, as local jewellers run out of inventory, a leading US brokerage said.
Unhedged exposure of the corporate poses a risk and overall percentage of hedging remains low.
The Indian rupee is expected to trade between 80 and 84 against dollar in the first three months of 2023 with support from overseas inflows though worsening current account deficit (CAD) and reduced interest rate differential between the US and India pose challenges. According to a Business Standard Poll of 10 participants, most said the rupee could gain strength in January due to foreign inflows, and the Reserve Bank of India (RBI) is not expected to allow the currency to depreciate ahead of the Union Budget scheduled on February 1. The rupee depreciated 10.15 per cent in 2022, its worst performance since 2013 as the war in Europe and the interest rate increase by the US Federal Reserve prompted investors to flee emerging markets.
The rupee has depreciated 2.35 per cent in the past three months and one per cent in the past month, despite strong capital flows and falling oil prices.
The latest macro-data from India is disquieting
The current account deficit widened to $10.1 billion or 2.1 per cent of GDP for the September quarter as against 1.2 per cent in the year-ago period.
The Reserve Bank of India (RBI) has liberalised the procedure for facilitating the import of rough diamonds (termed roughs in the trade).
A weak US dollar in overseas markets was the main reason for the rupee's rise even as losses in domestic stocks and some fag-end dollar demand from importers prevented further gains
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances