Government tightens rules on global credit card transactions by Indian travellers abroad

The Indian government has ended a key relaxation on the use of international credit cards (ICCs) by residents touring abroad. Such transactions would now be included in the computation of the limit of $2,50,000 under the liberalized remittance scheme (LRS) per person per year, beyond which the central bank's approval would be required. This change comes into effect immediately.

from Banking/Finance-Industry-Economic Times https://ift.tt/yNdU7WY