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Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (<keyword id="447038" type="General" weightage="100" keywordseo="lrs" source="Orion">LRS</keyword>) of the Reserve Bank, to ensure that such expenses do not escape <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> (Tax Collection at Source). While moving the <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> is being requested to look into this with a view to bringing credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon, she added. The Union Budget 2023 proposed a TCS for foreign outward remittance under LRS other than for Education and medical purposes of 20 per cent applicable from July 1, 2023. Before this proposal, the TCS of 5 per cent was applicable on foreign outward remittances above Rs 7 lakh. <keyword id="735754" type="General" weightage="50" keywordseo="tax-collected-at-source" source="Orion">Tax Collected at Source</keyword> (TCS) is an income tax, collected by the seller of specified goods, from the buyer. TCS is a concept where a person selling specific items is liable to collect tax from a buyer at a prescribed rate and deposit the same with the government. The LRS, introduced in 2004, initially permitted an outflow of USD 25,000. The LRS limit has been revised in stages consistent with prevailing macro and micro economic conditions. LRS permits Indians to freely remit up to USD 250,000 (about Rs 2.05 crore) per financial year for current or capital account transactions or a combination of both. Any remittance exceeding this limit requires prior permission from the RBI. The rules clearly mention that one can remit foreign exchange (forex) only for any permissible current account transactions or capital account transactions or a combination of both. If one wishes to invest abroad in shares, property etc, the LRS rules will define them as capital account transactions. Only certain capital account transactions are allowed under LRS rules such as opening a bank account abroad i.e. a Foreign Currency Account, purchasing real estate property overseas, for making investments overseas which includes investing in shares, mutual funds, and debt instruments amongst others. Authorised dealers, such as banks, enable such transactions between residents and their overseas dependents, using only PAN cards for verification. Besides remittances, LRS can also offer foreign exchange services to Indian citizens for medical expenses or travelling. However, corporates, partnership firms, HUFs, and charitable trusts are not eligible to use the LRS. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">Debt schemes of MFs lose edge over bank deposits as Budget proposes to scrap LTCG &amp; indexation benefits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/canva-just-got-a-major-ai-upgrade-with-new-features-like-magic-eraser-text-to-image-and-moreheres-what-they-do/articleshow/98965377.cms">Canva just got a major AI upgrade with new features like Magic Eraser, Text to Image, and more–here’s what they do</a>

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

Amid the entire hullabaloo about the <a href="http://www.businessinsider.in/searchresult.cms?query=Panama+papers&amp;sortorder=effectivedate">Panama Papers Leaks</a>, it has turned out that many of the Indians, who have been named in the massive leaks for off-shoring their money to tax havens, used <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">RBI’s</a> Liberalised Remittance Scheme (LRS). 
 Under LRS, which was introduced in 2004 with a cap of $25,000 and was raised to $2,50,000, remittances up to that amount are allowed by a resident individual in one financial year. It was only last year that a law was introduced on undisclosed accounts that will face action under the <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> law. 
 
The LRS also allows buying immovable property, investment in equity and debt, and donations and gifts. As per an ET report, about $1.3 billion was transferred out of the country in FY15 through LRS. 
 More than 500 Indians have been named in the <keyword id="3310338" type="UNKNOWN" weightage="20" keywordseo="panama-papers-leaks">Panama Papers Leaks</keyword>, including celebrities and politicos. As per preliminary enquiry, 90 per cent of Indians chose LRS route. 
 
READ ALSO: <a href="http://www.businessinsider.in/Panama-Paper-Leaks-My-name-has-been-misused-says-Amitabh-Bachchan/articleshow/51701994.cms">Panama Paper Leaks: "My name has been misused," says Amitabh Bachchan</a> 
 "About 90% of these accounts have used <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>'s liberalised remittance scheme (LRS) but the rest should be prepared to face the music," a government official told ET. 
 
However, the government has said that the wrongdoers will be brought to books as tax authorities will seek information from other jurisdictions listed in the Panama Papers with which India exchanges information as part of bilateral or global treaties. 
 
READ ALSO: <a href="http://www.businessinsider.in/Panama-Papers-Leak-Black-money-SIT-to-investigate-list/articleshow/51685352.cms">Panama Papers Leak: Black money SIT to investigate list</a> 
 
Black money became a major political plank also when the Bharatiya Janata Party (BJP) claimed to bring the money back in India. 
In his <a href="http://www.businessinsider.in/searchresult.cms?query=budget+2016&amp;sortorder=effectivedate">Budget 2016</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a> announced a compliance window, giving a chance to come clean on black money. 
 
READ ALSO: <a href="http://www.businessinsider.in/These-comics-explain-the-Panama-Paper-Leaks-so-easily-that-even-a-5-year-old-would-get-it/articleshow/51699430.cms">These comics explain the Panama Paper Leaks so easily that even a 5-year-old would get it</a>

Majority of Indians named in Panama Papers Leaks may
have used a legal route to have offshore assets

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>The most expensive weapons system under the Air Force's $17.9 billion research, development, test, and evaluation funding request for 2016 is also without a doubt the most mysterious. 
Under the proposed 2016 budget, the Air Force has requested an allocation of $1.2 billion for its Long Range Strike-Bomber (LRS-B) program, <a href="http://www.defensenews.com/story/defense/policy-budget/budget/2015/02/02/bomber-leads-way-on-usaf-rdte-request/22749943/">according</a> to <keyword id="6354810" type="ORGANIZATION" weightage="100" keywordseo="Defense">Defense</keyword> News. The program, which is expected to reach initial operating capability by the mid-2020s, envisions the construction of 80-100 planes each with an estimated unit cost of $550 million (although the actual cost will <a href="http://time.com/3691337/pentagon-budget/">likely be much higher</a>). 
The LRS-B is being billed as the successor to the US Air Force's current B-2 Stealth Bomber. Last summer, the Air Force opened a competition for the development and construction of the plane. Northrop Grumman, the developer of the B-2, and a partnership of Boeing and Lockheed Martin are vying for the chance to build the LRS-B. 
Alongside the F-35 and the <a href="http://www.military.com/equipment/kc-46a-tanker">KC-46 aerial refueling plane</a>, the LRS-B is one of the Air Force's top three priorities for future research and acquisition. 
"I think the long-range strike bomber is absolutely essential to keep our deterrent edge as we go into the next 25 years," Defense Secretary Chuck Hagel said in a town-hall meeting at Whiteman Air Force Base. 
The focus on the development of the LRS-B, alongside the F-35 and the KC-46, is aimed towards the Air Force having a "family of systems" approach in which each airframe seamlessly complements the others during operations. 
"Everyone focuses on 'the fighter,'" Lt. Gen. Ellen Pawlikowski, military deputy to the assistant secretary of the Air Force for acquisition, <a href="http://www.businessinsider.com/sandra-i-erwin-air-force-finding-budget-for-these-aircraft-2014-11">told</a> National Defense Magazine. "But the answer to next generation air dominance is likely to be a family, like the long-range bomber.
Although details of the LRS-B program are classified, the plane is <a href="http://www.defensenews.com/story/defense/policy-budget/budget/2015/02/02/bomber-leads-way-on-usaf-rdte-request/22749943/">expected</a> to be stealth, and nuclear capable - and <a href="http://www.armedforcesjournal.com/the-case-for-optionally-manned-aircraft/">perhaps even able carry out missions without a manned crew</a>.

The US Air Force's biggest research program is also one of its most mysterious

The <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> on Friday passed the Finance Bill 2023 without any discussion through voice vote, amid protests by the Congress-led opposition. Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announced that a panel under the finance secretary would be set up to look into the issue of pensions. As many as 75 amendments are there in the Finance Bill, all of which were approved through voice vote, even as the Congress members protested in the well of the <keyword id="7173" type="General" weightage="80" keywordseo="house" source="Orion">House</keyword>, shouting slogans and seeking a JPC probe in the Adani matter. The opposition MPs raised slogans and showed placards saying "Allow <keyword id="5268" type="General" weightage="50" keywordseo="rahul-gandhi" source="Orion">Rahul Gandhi</keyword> to speak in the House" and "We fought the British, we will fight Modi and RSS". Meanwhile, <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> announced while speaking on the bill, that a committee under the finance secretary would be set up to look into the issue of pensions and for evolving an approach which addresses the needs of employees, while maintaining fiscal prudence to protect common citizens. She also informed the House that the approach will be designed for adoption by both the central government and state governments. Sitharaman further said, "It has been represented that payments for foreign tours through credit cards are not being captured under the Liberalised Remittance Scheme (LRS) and they escape tax collection at source. The RBI is being requested to look into this with a view to bring credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon." Soon after the finance bill was passed, the Lower House was adjourned till March 27. Opposition members could be seen tearing their placards and throwing them at the Speaker's chair after the House was adjourned. The Finance Bill 2023, gives effect to the financial proposals of the central government for 2023-24. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/digitalisation-credit-growth-government-policies-to-drive-msme-growth-say-experts/articleshow/98962354.cms">Digitalisation, credit growth, government policies to drive MSME growth, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/ipl-2023-jio-introduced-new-cricket-plans-providing-3gb-data-per-day/articleshow/98962965.cms">IPL 2023: Jio introduced new cricket plans providing 3GB data per day</a>

Finance Bill passed in Lok Sabha amid opposition protest

A senior <keyword id="67881" type="General" weightage="80" keywordseo="idbi" source="Orion">IDBI</keyword> Bank official allegedly conspired with businessman <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword> for sanction and disbursement of a loan to the latter's <keyword id="6373962" type="General" weightage="80" keywordseo="kingfisher-airlines" source="Orion">Kingfisher Airlines</keyword>, the Central Bureau of Investigation said in its supplementary chargesheet filed in a Mumbai court. <keyword id="6373968" type="General" weightage="80" keywordseo="mallya" source="Orion">Mallya</keyword> is an accused in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the <keyword id="6354572" type="General" weightage="100" keywordseo="cbi" source="Orion">CBI</keyword>. The Central agency had recently filed a supplementary chargesheet before a special CBI court here. As per the chargesheet, former IDBI Bank general manager Buddhadev Dasgupta abused his position, conspired with colleagues and Mallya in the matter of sanction and disbursement of short-term loan (STL) of Rs 150 crore to Kingfisher Airlines in October 2009. Along with 11 accused named in the earlier chargesheets, the CBI has added the name of Dasgupta in the supplementary chargesheet filed recently. As per the CBI, the STL was requested for six months to meet certain critical obligations to overseas vendors, including aircraft lessors and other service providers. The said loan of Rs 150 crore, as envisaged originally by Dasgupta (by proposal circulated among credit committee members) was to be adjusted/repaid from the aggregate loan of Rs 750 crore originally sought by the airlines. However, after circulation, there was a change in the proposal to show as if the credit committee had treated this as a separate loan, which may (or may not) be adjusted/recovered from the aggregate loan, as per the CBI. While the exposure of IDBI Bank was to be restricted to the aggregate amount of Rs 750 crore, it rose to Rs 900 crore in December 2009 due to this STL being kept as a separate loan largely at the behest of Dasgupta, the charge sheet said. During the course of the investigation, Letter Rogatory (LRs) had been sent to the United Kingdom, Mauritius, USA and Switzerland as per the permission of the CBI court. Courts of one country seek the assistance of courts in another nation for the administration of justice there through LRs. The chargesheet also mentioned the evidence collected during a foreign investigation from these countries. "The properties at UK (Ladywalk in 2015-16 for GBP 12-13 million or Rs 80 crore) and France (Le Grand Jardin in 2008 for Euro 35 Million or Rs 250 crore approximately) were acquired by Mallya even as Kingfisher Airlines was facing severe cash crunch (2008)," the chargesheet said. Mallya was having adequate funds at his disposal between 2008 to 2016-17, but none of it was brought to support the airlines as equity infusion or to honour his obligations as a personal guarantor for the loans availed by KAL from IDBI and other banks in India, it added. The chargesheet, citing the evidence collected through LRs, said sizable amounts were transferred to Force India Formula 1 Team between 2008 to 2012. The chargesheet further said significant amounts were diverted between 2007 to 2012-13 to make payments towards the acquisition and repayment of the loan for a corporate jet used personally by Mallya. These acts on the part of Mallya clearly show he caused the diversion of funds for the corporate jet, Force India Formula One Racing Team, and other such extravagant expenses, and then wilfully defaulted on the loans availed by Kingfisher Airlines, the chargesheet stated. The aforesaid facts disclose the commission of offences like cheating and criminal conspiracy and others under Indian Penal Code and Prevention of Corruption Act provisions against Mallya, Dasgupta and other accused, as per the CBI. Apart from the CBI, the Enforcement Directorate is also probing a money laundering case against Mallya. On January 5, 2019, a special court here declared Mallya a 'fugitive' under the Fugitive Economic Offenders Act. Under the provisions of the Act, once a person is declared a fugitive economic offender, the prosecuting agency has the powers to confiscate his property. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-to-hike-prices-of-model-range-from-april/articleshow/98936536.cms">Maruti Suzuki to hike prices of model range from April</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/consumer-commission-orders-flipkart-retailer-to-pay-25000-compensation-for-sending-detergent-soap-instead-of-iphone/articleshow/98936522.cms">Consumer Commission orders Flipkart, retailer to pay ₹25,000 compensation for sending detergent soap instead of iPhone</a>

Former IDBI GM conspired with Vijay Mallya over short term loan to Kingfisher Airlines: CBI

<keyword id="6357912" type="PERSON" weightage="100" keywordseo="amitabh-bachchan">Amitabh Bachchan</keyword> denied links with any of the offshore shipping companies in which he is supposed to be a director according to the leaked " Panama Papers". 
 
"I do not know any of the companies referred to by Indian Express - Sea Bulk Shipping Company Ltd, Lady Shipping Ltd, Treasure Shipping Ltd and Tramp Shipping Ltd," the actor said in a statement. 
 
"I have never been a director of any of the above stated companies," he said. "It is possible that my name has been misused." 
 
Amitabh added: "I have paid all my taxes, including on monies spent by me overseas. Monies that I have remitted overseas have been in compliance with law, including remittances through LRS, after paying Indian taxes. 
 
"In any event the news report in Indian Express does not even suggest any illegality on my part." 
 

	Image credit: Indiatimes

Panama Paper Leaks: "My name has been misused," says Amitabh Bachchan

<keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword> has to make an advance payment of three Boeing 777 aircraft for which it is seeking loan of more than Rs 1, 000 crore. 
 
Air India is seeking loans from banks/financial institutions and as per the agreement with Boeing Company, the state-owned airlines has to pay 15 per cent of the gross cost of the aircraft 24 months prior to delivery. 
 
The three aircraft are to be delivered to the carrier between January-March, 2018. 
 
"Air India is pleased to invite your bank/financial institution to submit a fully underwritten offer for Pre- Delivery Payment requirements (PDP) for three Boeing 777-300 ER aircraft," the airline said. 
 
Air India had earlier sought deferment of the delivery of the three Boeing 777-300ER planes, which are part of its 68- aircraft order placed with the US aircraft-maker in 2006. 
 
However, the delivery of three B777-300ERs was postponed in the wake of the downturn in the global aviation sector in 2008 as there was no "cancellation" clause in the original purchase agreement with Boeing Company. 
 
The state-owned carrier currently has 15 Boeing 777s in its fleet-- 12 of them B777-300ERs and the rest B777-200LRs.

Debt-ridden Air India wants more money to expand fleet

US Air Force/Staff Sgt. Eric HarrisUS Air Force Maj. Sean Gallagher greets his ground support crew before a mission in a U-2, at an undisclosed location in Southwest Asia, November 24, 2010.<ul class="summary-list"><li>For more than 60 years, the U-2 has lurked all over earth, <a href="https://www.businessinsider.com/u2-spy-plane-camera-radars-gather-intelligence-over-battlefield-2019-9" target="_blank" rel="noopener">watching and listening</a> from as high as 70,000 feet.</li><li>Flying the U-2 <a href="https://www.businessinsider.com/what-u-2-spy-plane-pilot-training-is-like-2019-5" target="_blank" rel="noopener">is already a tough task</a>, and when pilots are up there, they're reliant on a special kind of oxygen.</li><li>Airmen on the ground at Beale Air Force Base, the U-2's home base, are responsible for ensuring pilots have enough of that air.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Beale Air Force Base, California - When working with fuels it can get dirty and hazardous. 9th Logistic Readiness Squadron (LRS) fuels facility operators know how to stay safe, and clean in a dirty career.Working with liquid oxygen is vital for U-2 pilots and the mission."Pilots rely on us to make sure they can breathe while wearing their suit," said Senior Airman Corey Walton, 9th Logistic Readiness Squadron fuels facility operator "We are always careful and critical to make sure nothing goes wrong when transferring liquid oxygen."

The dirty, dangerous job US airmen do to ensure U-2 pilots can breathe at 70,000 feet

New Delhi, Jan 17 () The ED on Friday said it has searched the premises of a former Mumbai-based chief engineer of the BMC and recovered documents related to purchase of a property in Dubai in an alleged illegal manner.
The central probe agency did not identify the officer.
The raid was conducted on "specific and reliable information" under the provision of the Foreign Exchange Management Act (FEMA) at the residential premises of an ex-chief engineer of the cash-rich Brihanmumbai Municipal Corporation (BMC), a statement from the Enforcement Directorate (ED) said.
It said that during the raid "incriminating" documents linked to "illegal acquisition" of a property held in Dubai has been recovered. 
 "It has been stated by the former chief engineer of BMC that he purchased the property in Dubai, located at Park Island, Bonaire Marsa, Dubai (measuring 89 sq mt), for Rs 70 lakh in 2012." 
 "The property is held jointly in the name of the person, his spouse and son," it added. 
 However, the ED alleged, that no such documents identifying the value of the property purchased in Dubai could be furnished by the officer. 
 "He was not able to explain the source of funds and also the mode of payment for purchase of the property," the agency said. 
 As per the documents recovered during the search, the said property is on rent and fetching an income of AED 65,000 (about Rs 13 lakh) yearly to the officer, the ED said. 
 The agency said it has also got evidences that an amount of Rs 40 lakh was transferred by the officer to his married daughter (a US national) under the Liberalised Remittance Scheme (LRS). 
 "Investigation to identify his source of fund is being conducted," it said. NES
 NES TIR
TIR

ED raids BMC ex-chief engineer in Mumbai; Dubai property papers recovered

The Reserve Bank of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) on Thursday allowed the opening of rupee accounts outside India as part of its strategic action plan to internationalise the domestic <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword>. With emphasis on continuous synchronisation of the <keyword id="19940710" type="General" weightage="20" keywordseo="FEMA" source="keywords">FEMA</keyword> operating framework with the evolving macroeconomic environment, rationalisation of various guidelines will be of primary focus, the central bank said in its annual report. The RBI said it has finalised a strategic action plan for 2024-25 and envisaged liberalisation of external commercial borrowing (ECB) framework and 'Go-live' for phase I of software platform for ECBs and trade credits reporting and approval (SPECTRA) project. The RBI will permit opening of rupee (INR) accounts outside India by persons resident outside India (PROIs) as part of the 2024-25 agenda for internationalisation of the domestic currency. "INR lending by Indian banks to PROIs and enabling foreign direct investment (FDI) and portfolio investment through special accounts [special nonresident rupee (SNRR) and special rupee vostro account (SRVA)," the report said. Rationalisation of the Liberalised Remittance Scheme (LRS) and review of the IFSC regulations under FEMA also are part of the agenda for the current financial year. The RBI report further said rationalisation of regulations towards promoting the internationalisation of the INR was undertaken to enable the settlement of bilateral trade in local currencies. Going forward, it said the liquidity operations would continue to be in sync with the stance of the monetary policy, while the foreign exchange operations would be guided by the objective of ensuring orderly movements in the exchange rate of the rupee. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

RBI to allow opening of rupee account outside India

<ul class="summary-list"><li><keyword id="12319552" type="UNKNOWN" weightage="60" keywordseo="scandinavian-airlines" source="Orion">Scandinavian Airlines</keyword> will fly its Copenhagen to Washington, DC flight on Wednesday using a single-aisle plane. </li><li>The 4,100-mile route will be one of the longest ever flown by the aircraft, and the longest scheduled A321neoLR route once officially inaugurated in March. </li></ul>SAS Scandinavian Airlines will become the latest airline to complete a revenue flight across the Atlantic with a single-aisle plane on Wednesday. Flight SK925 from Copenhagen, Denmark to Washington, DC is being flown using an <keyword id="11896633" type="UNKNOWN" weightage="60" keywordseo="airbus" source="Orion">Airbus</keyword> A321neoLR aircraft, replacing the Airbus A330-300 wide-body aircraft typically used on the route. The flight will serve as a test run ahead of scheduled flights between Scandinavia and Newark, Boston, and Washington starting in March. "Yesterday, our first Airbus A321 LR, a narrow-bodied aircraft suited for longer distances, performed its first flight, and tomorrow, it will fly its first long haul flight between Copenhagen and Washington!" the airline <a href="https://twitter.com/SAS/status/1473277502940491784">tweeted</a> on Tuesday. The plane, SAS' second A321neoLR, named "Ása Viking", was delivered to the airline in September. The flight's duration was scheduled for eight hours and 55 minutes to cover a planned distance of 4,161 miles, according to <a href="https://flightaware.com/live/flight/SAS925/history/20211222/1120Z/EKCH/KIAD">FlightAware</a>. <div type="image" title="Scandinavian Airlines Airbus A321neoLR" height="1666" width="2222" msid="88438914" hostid="261"></div>The Copenhagen-Washington route will become the longest scheduled route flown by the A321neoLR when it officially launches on March 27, according to data from Cirium. It won't break records, though, as Canada's Air Transat flew the longest-ever passenger flight with an Airbus A321neoLR in October 2020, flying more than 4,100 nautical miles from Montreal, Canada to Athens, Greece.But while SAS may soon take to the top spot, it's only the latest airline to jump on the narrow-body trend. European and Canadian airlines including Aer Lingus, TAP Air Portugal, La Compagnie, Azores Airlines, and Air Transat have been pioneering transatlantic flights with the A321neo family of aircraft since 2019. JetBlue Airways became the latest airline to <a href="https://www.businessinsider.com/jetblue-flies-a321neo-small-narrow-body-between-new-york-london-2021-9">inaugurate transatlantic flights with narrow-body aircraft in August</a> when flights launched between New York and London, as Insider <a href="https://www.businessinsider.com/flying-jetblue-new-york-to-london-economy-mint-food-review-2021-8">experienced firsthand on the first flight</a>. And the trend isn't limited to Airbus. United Airlines announced in October that its <a href="https://www.businessinsider.com/united-reveals-5-new-international-destinations-3-new-routes-2021-10">new flights between Newark and Ponta Delgada, Portugal</a> will be operated with <a href="https://www.businessinsider.com/inside-united-airlines-boeing-737-max-8-new-signature-interior-2021-7">narrow-body Boeing 737 Max aircraft</a>.A common complaint about long-haul flying on single-aisle aircraft is that it has a more compact feel than a wide-body aircraft. And while that may be physiological, an undeniable downside to flying single-aisle aircraft on long-haul routes is that they fly slower than their wide-body counterparts. JetBlue flights from London to New York, for example, can be scheduled at as much as one-hour longer than its rivals on the route. But most airlines that are downsizing to smaller <keyword id="11896629" type="UNKNOWN" weightage="60" keywordseo="planes" source="Orion">planes</keyword> on longer routes are compensating with new seat products that offer a bit more room.Scandinavian Airlines offers a three-class configuration onboard its A321neoLR aircraft complete with a 22-seat business class cabin, 123-seat economy class cabin, and first-of-its-kind 12-seat premium economy class cabin, The relatively low-density configuration of 157 seats may also help give the aircraft a more spacious feel, as SAS' standard <a href="https://www.seatguru.com/airlines/SAS_Airlines/SAS_Airlines_Airbus_A321.php">A321 aircraft can seat 198 passengers</a>. <div type="image" title="Scandinavian Airlines Airbus A321neoLR" height="1831" width="2441" msid="88438915" hostid="261"></div>JetBlue similarly outfitted its <a href="https://www.businessinsider.com/inside-jetblues-newest-plane-taking-flyers-to-london-photos-details-2021-7">transatlantic A321neoLRs with only 138 seats across two cabins</a>, including a brand-new <a href="https://www.businessinsider.com/flying-jetblue-airways-london-new-york-mint-business-class-review-2021-8">Mint business class cabin</a>. Each of the 24-seat Mint seats offers direct aisle access with a closeable door for increased privacy while economy class seats are 18.4-inches wide. France's La Compagnie offers an <a href="https://www.businessinsider.com/onboard-la-compagnie-airbus-a321neo-flying-between-us-and-france-2021-8">all-business class configuration on its A321neo aircraft</a> with just 76 seats, each with lie-flat capabilities, as Insider found during a recent aircraft tour. Air Transat chose not to go the lie-flat route in its premium economy Club Class, opting instead for 12 recliner seats. But in economy class, seats are 1.5 inches wider than on the larger Airbus A310s that are being replaced by the A321neoLRs, according to the <a href="https://www.airtransat.com/en-US/travel-information-en-us/our-fleet/airbus-a321neolr">airline</a>. More airlines will ultimately look to take advantage of more efficient aircraft to save costs, and travelers may have to get used to seeing smaller planes on longer routes.

Airbus' flagship single-aisle jet will complete a 4,100-mile transatlantic passenger flight on Wednesday as more airlines downsize long-haul flights

Kolkata, As the new Tax Collection at Source (<keyword id="6357150" type="General" weightage="100" keywordseo="tcs" source="Orion">TCS</keyword>) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances. <keyword id="642357" type="General" weightage="50" keywordseo="travel-agents-association-of-india" source="Orion">Travel Agents Association of India</keyword> (TAAI) has written to <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, appealing to abolish TCS on overseas tour packages, highlighting the business loss and complexity of its implementation. In a letter to the FM, TAAI President Jyoti Mayal said the TCS is a huge challenge for the travel fraternity and would lead to a lot of business being diverted to overseas tour operators. Further, she pointed out that with GST already affecting the livelihood of Indian tour operators engaged in outbound tours, the introduction of TCS presents a double blow. According to her, Indian tour companies are becoming less competitive when compared to operators outside India, who not only save on the 5 per cent GST but also the TCS, which ranges from 5 to 20 per cent, and they are not required to register in India. The association in its letter also stated that the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> and banks are not equipped to maintain and monitor the limits of Rs 7 lakh per traveller, and there is no mechanism to track the same. There is still ambiguity on the payments made for such packages through credit cards overseas, it said. The risks associated with these overseas companies could also have a significant impact on passengers in general. The quality and reliability of these companies may not meet the desired standards, leading to potential service delivery issues or even instances of fraud, Mayal emphasised. She lastly urged the finance minister to abolish the TCS as a whole on overseas tour packages or at least defer it until the next financial year so that a detailed discussion can be carried on the subject. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-n150-vs-yamaha-fz-s-v3-bikes-comparison-of-price-and-features/slidelist/103985134.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-n150-vs-yamaha-fz-s-v3-bikes-comparison-of-price-and-features/slidelist/103985134.cms" target="_blank">Bajaj Pulsar N150 vs Yamaha FZ-S V3 – The bike to consider under ₹1.25 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/pixel-8-launch-on-oct-4-from-camera-to-design-specifications-what-we-know-so-far/articleshow/103924696.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-8-launch-on-oct-4-from-camera-to-design-specifications-what-we-know-so-far/articleshow/103924696.cms" target="_blank">Pixel 8 launch on Oct 4 – From camera to design specifications, what we know so far</a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-40-neo-launched-in-india-specs-features-and-price/articleshow/103832280.cms">Motorola Edge 40 Neo with with vegan leather back hits the Indian market</a>

You Searched For "lrs" and got 12 results

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Airbus' flagship single-aisle jet will complete a 4,100-mile transatlantic passenger flight on Wednesday as more airlines downsize long-haul flights

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Travel agents body calls for abolishing TCS ahead of its implementation from Oct 1

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