Thank you for banking with Kotak Mahindra Bank.
We would like to inform you that the Finance Act 2020 has introduced new Income Tax provisions with respect to Tax Collected at Source (TCS) on foreign remittance on all forex transactions under Liberalised Remittance Scheme (“LRS”) from 1st October, 2020.
Effective 1st October, 2020, banks are obligated to collect TCS for remittance(s) out of India under the LRS of RBI.
To send money abroad
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