Claim: Banks cannot verify whether you’ve spent less than 7 lacs in a year.
#PIBFactCheck:
This claim is False
Liberalized Remittance Scheme (LRS) spends of an individual are compiled & monitored by Reserve Bank of India
Any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any Tax Collection at Source (TCS).
Read more: https://pib.gov.in/PressReleasePage.aspx?PRID=1925592
https://twitter.com/pibfactcheck/status/1659966926414815232?s=46&t=TvMLJTF98uLeOyUzU21uwQ
