20 percent tax on international credit card use: What does this mean for you?

In One Thing Today, we discuss the rationale and the impact of the Finance Ministry's amendment to existing FEMA regulations, announced last night, whereby credit card spends made overseas in foreign currency will attract tax collected at source (TCS). Forbes India's Salil Panchal spoke with Amit Singhania, partner at Shardul Amarchand Mangaldas &Co to understand the rationale behind this move, how your spending could be impacted, what it means for the card issuing banks and spending patterns