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'Nothing adverse' in overseas remittance data, says CBDT

'Nothing adverse' in overseas remittance data, says CBDT

High net-worth individuals transferring funds abroad under the Liberalised Remittance Scheme (LRS) can breathe easy. The Central Board of Direct Taxes (CBDT), which examined LRS data from several banks in Mumbai and Delhi, has found “nothing adverse” in the cases it scrutinised, according to an internal report that ET has seen.

“The Directorate of Intelligence & Criminal Investigation (I&CI) of the income tax department during August and September 2019 obtained LRS data from several banks in Mumbai and Delhi and verification of the top 100 cases was undertaken. However, nothing adverse was found,” said the report, which was submitted to the special investigation team (SIT) probing black money earlier this year.

The LRS is extensively used by HNIs to transfer funds abroad up to the permitted limit of $250,000 in a financial year.

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