The Reserve Bank of India has expanded the scope of remittances to International Financial Services Centres under the Liberalised Remittance Scheme allowing Indian residents to open foreign currency accounts in Gujarat International Finance Tec-City. On Wednesday, RBI decided to allow authorised persons to facilitate remittances for availing financial services or financial products as per the International Financial Services Centres Authority …
What is this tax on foreign spending? Spending on a corporate credit card for business purposes is technically spending on the ‘current account’ and should not fall under LRS. The finance ministry also supported this position in a tweet on 18 May by giving the example of an employee on a business trip —which would not come under LRS. However, …
MUMBAI: Wise, a London based fintech firm, built on the principle of peer-to-peer forex transfers has announced its entry into India. Wise has tied up with RBL Bank enabling Indians to send money abroad through the Liberalised Remittance Scheme. The company serves over 10 million customers worldwide, processing GBP 5 billion in cross-border transactions per month, a spokesperson for Wise …
