Mumbai Congress chief Varsha Gaikwad has written to Union Finance Minister Nirmala Sitharaman requesting that the tax collected at source (TCS) on international money transfers be reduced for families sending money to children pursuing education abroad as per The Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI).

As per the current regulations, a 5 per cent TCS is levied on transactions exceeding Rs 7,00,000. Varsha Gaikwad, former Maharashtra minister, has requested to reduce the TCS rate from the existing 5 per cent to 2 per cent and an increase in the transaction limit from Rs 7,00,000 to Rs 10,00,000.