However, such transactions amongst banks or authorised dealers or between banks and dealers are exempted and not liable to GST. Back button. Important Information. An FX Transaction request should be received at least two business days prior to the first settlement date of the currency pair involved. Subject to Clause 3. Email Facebook Linkedin Twitter Reddit.

Forex Transactions (India)

FX Transaction means any transaction for the purchase by one party of an agreed amount in one Currency against the sale by it to the other party of an agreed amount in another Currency. Sample 1. Sample 2.

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For example, if the total foreign exchange facility availed under LRS in a financial year is Rs 10 lakh, i. Rs 10 lakh minus Rs 7 lakh and tax collected will be Rs 15, In cases where the amount is remitted for the purpose of pursuing education through a loan obtained from any financial institute, rate of TCS shall be 0.

Foreign Exchange Transaction Guideline

For remittances to Foreign Tour Operators through the Bank, 5 per cent TCS of the total amount remitted shall be applicable and the amount remitted will not be subsumed under the threshold limit of Rs 7 lakh. Foreign exchange facility is generally taken for different purposes under LRS as listed below.

And the provision will not apply in case the remitter is liable to deduct tax at source under any other provision of the Income Tax Act and the amount has been deducted and if the remitter is Government or any another person notified by the Government. The remitter can also claim credit for the tax collected by the Bank while filing for their tax returns.

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