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LRS annual cap + TCS

Per-PAN tracking of cumulative remittances against the RBI $250k / FY cap and the ₹7L TCS threshold.

The rules​

  • LRS cap — an Indian resident may remit up to $250,000 per financial year for permitted purposes. Aggregated per PAN, not per bank account.
  • TCS threshold — above ₹7,00,000 aggregate remittance per FY, the AD bank collects Tax Collected at Source at 20% (rates vary by purpose and tier).
  • Financial year — April 1 → March 31. 2026-27 = 2026-04-01 to 2027-03-31.

What the report shows​

Per PAN, per FY:

  • Remitted USD + INR — cumulative amounts
  • LRS cap utilisation — % used, headroom, status (ok / warn at 80% / breach at 100%)
  • TCS threshold — whether over the ₹7L, taxable INR, actual or estimated TCS

Firm rollup: how many PANs are near or over the cap, how many are over the TCS threshold, total remitted, total TCS.

Actual vs estimated TCS​

The AD bank collects the authoritative TCS. GlomoPay carries that figure on each order's quote (as total_tax).

  • If we have the actual TCS on every remittance for a PAN → tcs_source = actual
  • If we have it on some → tcs_source = mixed (actual where available, estimate for the rest)
  • If we have it on none → tcs_source = estimate (fallback: 20% of the amount over ₹7L)

Actuals are the authoritative signal; the estimate is a fallback so the report is never blank.

Purpose codes​

Each LRS order carries a purpose code (RBI-standard, e.g. S0301 financial services, S0303 investment). The ledger captures it per remittance and reports the per-purpose breakdown alongside the LRS/TCS totals.

Common signal: if GlomoPay isn't reliably populating purpose_code, the Settlement audit report surfaces the uncoded count — follow up with the upstream.

Impact on operations​

  • Approaching the cap — the report shows PANs at ≥ 80% (warn). Ops should reach out before the customer's next remittance would breach.
  • Over the cap — the report shows PANs at ≥ 100% (breach). New remittances would be blocked or require RBI clearance.
  • TCS reconciliation — the report gives finance the aggregate TCS to reconcile against the AD bank's monthly statement.

Where to see it​

  • Frontend: LRS/TCS report on the Jobs page.
  • API: GET /v1/india/lrs?fy=YYYY-YY.