India introducing more capital controls. Should see increased demand for offshore bank accounts and second residencies from Indians.
economictimes.indiatimes.com
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New TCS rate from July: Sending money for children studying abroad to cost more for these expenses
Budget 2023 increased tax collection at source (TCS) for foreign remittances under LRS from 5% to 20%. This will apply to foreign trips, sending money abroad, and other remittances except for education and medical purposes. This new rule will come into effect from July 1, 2023. Do parents have...
Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS
The Union Budget 2023 proposed a TCS for foreign outward remittance under LRS other than for Education and medical purposes of 20 per cent applicable from July 1, 2023. Before this proposal, the TCS of 5 per cent was applicable on foreign outward remittances above Rs 7 lakh.
