Credit card expenditures experienced a significant increase of 38.3% year-on-year, reaching an unprecedented value of Rs 1.8 trillion in October. This surge was mainly supported by robust spending during the festive season. October witnessed the highest year-on-year growth in expenditure among the past nine months, with a remarkable rise of 25.4% on a month-on-month basis, …
Tag: RBI
20% TCS on international spends using credit cards
Effective from July 1, 2023, the Indian government has increased the tax collection at source (TCS) rate on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 percent to 20 percent and also brought spends done via credit cards under the LRS. Let's understand how this impacts those who would use credit cards for …
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Credit card spends reached all time high of Rs 1.44 lakh crore in July: RBI data
Credit card expenditures in July of this year reached a record high of Rs 1.44 lakh crore, indicating a 5.5 percent surge compared to June. This figure surpasses the previous milestone of Rs 1.41 lakh crore recorded in May. According to data compiled by the Reserve Bank of India, the banking sector witnessed the addition …
Continue reading Credit card spends reached all time high of Rs 1.44 lakh crore in July: RBI data
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