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The government has decided to defer its earlier decision to include international credit card spends outside India under the Liberalised Remittance Scheme (LRS).
So, what does this mean? Well, in effect this means there will be no levy of Tax Collected at Source (TCS) on international credit card spends outside India as of now.
Updated timeline: The government also extended the timeline to levy the higher proposed TCS rates with effect from October 1 instead of July 1 this year.
But, why? This comes after banks raised concerns about the unpreparedness of their reporting systems to roll out the differential TCS levy for various categories.
⚡Only in the Express
Having accommodated over 12,000 people from violence-hit Manipur, the neighbouring state of Mizoram is now beginning to feel the strain. The Indian Express spoke to multiple top state officials and civil society members, who reiterated the need for funds from the Centre. Read what they said.
📰From the Front Page
🔴The government has approved a proposal to set up a National Research Foundation (NRF) as an apex body to promote, fund and mentor scientific research in higher education institutions across the country, with the focus on cultivating the culture of research in universities and colleges.
🔴The United Nations Secretary-General has taken India off a list of countries mentioned in a report on children and armed conflict over the alleged recruitment and use of boys by armed groups in J&K and their detention, killing and maiming by security forces.
🔴Bhim Army leader Chandra Shekhar Aazad was injured when unidentified assailants opened fire on his vehicle in Deoband, in Saharanpur district of Uttar Pradesh, on Wednesday.
👩🏽💻Must Read
👉🏽’The relationship we share with Yamuna is that of a mother and son. In the last 30 years, I have seen the river change in front of my eyes. It is sad to see what it has become now’
With the Aadmi Party (AAP) government promising to enforce a six-point action plan to clean Yamuna to transform Delhi into a “clean, beautiful and modern city” by 2025, we take a look at the relationship the city shares with the river.
👉🏽In today’s opinion section, Sagarika Ghose writes on how despite glaring instances of executive overreach and the weakening of democratic institutions, there have been no serious citizen protests– “The two big trends of our politics at the moment, populism and polarisation, further weaken the democratic impulse among citizens”.
👉🏽For the first time in 20 years, the United States has seen malaria among people with no history of international travel. While major strides have been made to eliminate malaria worldwide, climate change might usher in a resurgence for the dreaded disease. We explain
⏱️ And Finally
💰 In Punjab, a con woman led a gang of amateurs to pull off one of the most audacious heists in recent times. What followed was an action-packed 11 days that saw the police in hot pursuit of the accused, recovering Rs 7.14 crore in cash. Read the full story here
🤫 With less than a year to go for the 2024 Lok Sabha elections, Union Housing and Urban Affairs Minister Hardeep Singh Puri has been meeting different groups of people including school principals from Delhi during the BJP’s ‘Sampark Se Samarthan’ initiative. Read in today’s Delhi Confidential!
🎧In today’s episode of 3 Things podcast, we talk about the Uniform Civil Code and the concerns around it, why tomato prices are skyrocketing, and the short-lived rebellion that Russia witnessed last week, and how it will affect President Putin’s image.
Until tomorrow,
Rahel Philipose and Varsha Sriram
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