As per the Union Budget 2020, under LRS, a 5 per cent Tax Collection at Source (TCS) was to be applicable on remittances aggregating to Rs 7 lakh or more in a financial year. This change was to be effective from Apr 01, 2020. TCS of 5 per cent will also apply on LRS transactions exceeding Rs 7 lakh if a foreign exchange facility is availed through cash withdrawal at Branches or for loading Forex cards