Thank you for being a valued customer of Money2India.
This is to inform you of a revision in our charge schedule .We are introducing a nominal charge of INR 25 (inclusive of Service Tax @ 12.36%) for foreign currency conversion that will be levied on every remittance request where the foreign currency conversion* is carried out on or after May 16th 2008.
This charge would be deducted from the amount to be paid to the beneficiary. We would request you to please inform your beneficiary accordingly to avoid any inconvenience. Please note that there is no change in the existing charge schedule for remitter. The nominal remittance service charge of USD2 for amounts of USD1000 or below (equivalent in other currencies) will continue to be applicable.
Reason:he following services are also made liable to service tax from May 16, 2008.
1. Foreign exchange broking and purchase or sale of foreign currency, including money changing provided by a foreign exchange broker or an authorised dealer or an authorised money changer in foreign exchange are liable to service tax now under banking and other financial service. The foreign exchange broker shall have the option to pay an amount calculated at the rate of 0.25% of the gross amount of currency exchanged towards discharge of his service tax liability instead of paying service tax at the rate specified in section 66 of Chapter V of the Act.
