Team Blitz India
NEW DELHI: Spending in foreign exchange through international credit cards will be covered under the RBI’s liberalised remittance scheme (LRS), under which a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum without the authorisation of the Reserve Bank.
A Finance Ministry notification said any remittance beyond USD 2.5 lakh or its equivalent in foreign currency would require approval from the RBI, business dailies reported on May 18.
The ministry notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, on May 16 to include international credit card payments in the LRS.
Earlier, the usage of international credit cards (ICCs) for making payments for fulfilling expenses during travel outside India was not included in the LRS limit.
