Why your holidays abroad are going to cost more

Lately, Indians have been spending increased amounts of money on travelling to foreign countries. In the month of November last year, Indian travellers spent 1 billion dollars abroad. 

The government and even regulator RBI took notice of the new trend.

And now, in the Union Budget 2023, a new tax has been added to overseas spending through the Liberalised Remittance Scheme (LTS).