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India’s forex reserves drop by USD 3bn for last week of July

By TBM Staff - Mumbai Monday, 7 August 2023, 12:30 PM 469

India’s foreign exchange (forex) reserves dropped by USD 3.165 billion to USD 603.87 billion for the week ended July 28, the Reserve Bank of India (RBI) has said. This is the second consecutive weekly drop in the reserves after the USD 1.987 billion decline to USD 607.035 billion in the previous reporting week. For the […]Continue Reading

Credit card usage for international travel to come under tax ambit

By TBM Staff - Mumbai Monday, 22 May 2023, 10:00 AM 1355

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, as per a Finance Ministry notification. The Union Budget 2023-24 hiked TCS […]Continue Reading

Indians spent nearly USD 10bn on foreign travel during April-December: RBI

By TBM Staff - Mumbai Tuesday, 21 February 2023, 12:45 PM 377

Indians spent around USD 10 billion on overseas travel between April and December, a report by Mayur Shetty in the Times of India (TOI) said, citing data from the Reserve Bank of India (RBI). It is the highest ever such figure, even more than the spending in any financial year. Before this, the highest spend […]Continue Reading

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EaseMyTrip aims to foray into forex biz; will apply for Full-Fledged Money Changer License from RBI

By TBM Staff - Mumbai Monday, 2 May 2022, 1:30 PM 1138

EaseMyTrip aims to launch a currency exchange service, and for this will apply for a Full-Fledged Money Changer License (FFMC) from the Reserve Bank of India (RBI). It will enable customers to easily convert their currencies to local tenders. Acquiring this license will enable EaseMyTrip to offer to extend its portfolio and offer one of […]Continue Reading

India’s forex reserves drop by USD 3bn for last week of July

Credit card usage for international travel to come under tax ambit

Indians spent nearly USD 10bn on foreign travel during April-December: RBI

EaseMyTrip aims to foray into forex biz; will apply for Full-Fledged Money Changer License from RBI

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