Previous post I have provided the information on How To remit the money in Foreign Currency or abroad ? This section I will provide you the various information related to service charges and time duration required for remitting cash.
Amendment in Service Tax Rules
With effect from 1st Day of April, 2011 The Service Taxes for conversion of Foreign Currency to Indian Currency or Vice-versa is revised by the Government of India, Ministry of Finance . This is revised to :
- 0.1% of the gross amount of currency exchanged for an amount of rupees 1,00,000, subject to minimum of Rs.25/-; and
- Rupees 100 and 0.05% of the gross amount of currency exchanged for an amount of rupees exceeding 1,00,000 and up to rupees 10,00,000; and
- Rupees 550 and 0.01% of the gross amount of currency exchanged for an amount of rupees exceeding 10,00,000; subject to a maximum amount of rupees 5000.For more details click here
- Education Cess @ 3% on Service Tax is also applicable for every transaction.
** Minimum Service Tax of Rs.25 or above-mentioned rates are applicable.
- NEFT charges slashed from Rs.100/- to only Rs. 6/- for every remittance value up to USD 500
there is another Rs 25/- levied as currency conversion charges