Will the new BRICS currency, backed by the natural resource wealth of Brazil🇧🇷, Russia🇷🇺, India🇮🇳, China🇨🇳, South Africa🇿🇦 (and potentially others) make this nearly 100-year-old cartoon finally come into fruition?
https://t.co/e1bODiQJnm
Any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any Tax Collection at Source (TCS).
Read more: https://t.co/JjgEmttrdK
Claim: Banks cannot verify whether you’ve spent less than 7 lacs in a year.
#PIBFactCheck
▪️ This claim is False.
▪️ Liberalised Remittance Scheme (LRS) spends of an individual are compiled & monitored by @RBI.
Important:
On 20 May, Modi Govt's @PIBFactCheck marked a tweet of mine regarding 20% TCS on forex transactions as "fake".
I'd said that RBI currently doesn't have a mechanism for tracking LRS credit card spends in real-time across banks to ensure 7 lac limit.
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The amount of paperwork for a Schengen visa is insane! Why is it so difficult to understand:
1. We are not interested in marrying your men, thank you
2. We are actually adding to the GDP of your country!!