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THIS IS #BIG ! #Hawala 2.0 Will EXPLODE in India post JULY 1st. Just My opinion:
By IMPLEMENTING 20% Tax Collected On Source (#TCS) on Foreign Spend (Currency, FX cards, Credit Cards, Debit Cards, Transfers), it becomes Increasingly more Cost Effective to Transfer Via #Hawala
By IMPLEMENTING 20% Tax Collected On Source (#TCS) on Foreign Spend (Currency, FX cards, Credit Cards, Debit Cards, Transfers), it becomes Increasingly more Cost Effective to Transfer Via #Hawala
If you try and BUY #Foreign Currency in the Black, that spread that used to be 2-3%, will now become 10% possibly
Unused Balances of Loaded Forex Cards will Go at a Premium of 10-12%
Unused Balances of Loaded Forex Cards will Go at a Premium of 10-12%
This REMINDS me of what happened in GOLD SMUGGLING in India post June 2022 when @nsitharaman decided to Raise IMPORT duty on GOLD to 12.5% from previous levels of 7.5%
