20% TCS on credit card spends to not impact demand: Thomas Cook MD

On the government's move to charge a higher 20% rate of TCS (tax collected at source) on spending by credit cards abroad from July 1, Thomas Cook Chairman and MD Madhavan Menon said, "TCS on credit card spends will be dampener initially, however, it will not impact demand." He added, "RBI needs to articulate how 20% TCS will be managed."