<h1>E-Gazette Notification Removes Rule 7 of FEM(CAT) Rules, Affects International Credit Card Use Under LRS.</h1> The e-Gazette notification dated May 16, 2023, omits Rule 7 of the FEM(CAT) Rules, 2000, impacting the use of international credit cards under the Liberalised Remittance Scheme (LRS). The Finance Act 2023 introduces changes to Tax Collection at Source (TCS) rates for foreign remittances, affecting investments in assets like real estate and overseas tour packages. TCS rates remain unchanged for education and medical remittances. The notification aims to ensure uniformity in foreign exchange transactions and prevent exceeding LRS limits, previously circumvented by international credit card use. LRS allows residents to remit up to USD 2,50,000 annually for specified purposes.