In recent times many resident individuals, banking with various financial institutions, have used cards to carry out such international capital account transactions-oblivious that they were violating foreign exchange and banking rules. Some probably did it consciously to dodge the tax collected at source (TCS) or sidestep restrictions on overseas forex remittance.
HDFC Bank alerts clients on card swipe for overseas deals
In recent times many resident individuals, banking with various financial institutions, have used cards to carry out such international capital account tra…
