Hello all,
I have paid my University Fees from my account, and therefore exhausted the ₹7 lakh limit RBI has specified.
So does that mean, that the Niyo Global card issued for my account will be charged 5% for every transaction I now make abroad?
Hey @Aditya_Prakash
A warm welcome to our Niyo community 
TCS at the rate of 5% shall be collected on foreign remittance under LRS exceeding INR 7 Lakh during the financial year. TCS at the rate of 0.50% shall be collected on foreign remittance under LRS if the amount being remitted is towards education abroad and is out of a loan. If not via a loan, then 5% of TCS will be calculated.
Gracias,
Ranjith M
Hey, following up to this similar query, does the niyo automatically charges the 5% tcs if the limit of 7lakh is exceeded on my PAN number?
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