Frequently Asked Questions (FAQs)

In certain countries, the acquiring banks may choose to activate the feature of "Dynamic Currency Conversion" on their ATMs and POS Machine network. As per this facility, the ATM/POS machine identifies the Indus Forex Multi-Currency Forex Card as a card issued from a foreign country and prompts the customer to transact in their "home currency"(in case of Indians, this would be Indian Rupees).

Please refer link of Forex - Schedule of Charges

Customer can do online transaction for purchase of Indus MultiCurrency Forex Card and currency notes, reload of Indus Multicurrency Forex card and outward remittance. Additionally, customers traveling abroad can purchase a travel insurance policy while booking their Forex.

Any resident Indian with a valid PAN and Indian mobile number can transact on IndusForex

No, even if you are not holding an account with IndusInd Bank, you can transact on IndusForex

You can send money abroad from IndusForex for the following purposes: Overseas Education, Medical, Employment, Immigration, Visa Fees, Family Maintenance and GIFT.

You can buy currency notes for Leisure Travel only.

You can buy Indus Multicurrency Forex card for following purposes: Leisure Travel, Overseas Education, Medical, Employment and Immigration

1. You should have a valid PAN in your Name and a valid mobile number

2. Your FEMA limit for the FY should not be breached beyond USD 2,50,000

3. The transactionon IndusForex should be doneby the traveller/ remitter only

A close relative cannot fund a Forex transaction on IndusForex. Customer can walk into an IndusInd bank branch and carry out the same.

1. Build your order – select the service you want (Buy Forex Card, Reload Forex Card or Send Money Abroad). Add currency and amount in your order wallet.

2. Enter personal details and travel/ beneficiary details – You can pre-fill your details basis IndusInd savings account relationship, past purchase on IndusForex or through Aadhaar.

3. Select processing/ delivery mode and upload required documents – basis your order, you can select your mode of processing (processing at IndusInd Bank branch or online processing)

4. Confirm your order and book your Forex rate by paying 5% of token amount.

5. Complete your order - remaining amount needs to be paid by online NEFT/RTGS/IMPS to IndusInd Bank account within 24 hours of order booking.

On IndusForex, you can:

Buy Forex – Purchase of Currency Notes / Indus MultiCurrency Forex Card

Reload Card – Reload your Indus MultiCurrency Forex Card

Send Money Abroad – Through Telegraphic Transfer/ Wire transfer

⦿ You can purchase minimum 500 $ or equivalent and maximum 25000 $ or equivalent for Forex card

⦿ You can book minimum 250 $ or equivalent and maximum 5000 $ or equivalent for currency notes

⦿ You can transfer minimum 1000 $ or equivalent and maximum 25000 $ or equivalent via wire transfer

All Individual Savings Account holder of IndusInd Bank or any customer who has completed a transaction through indusforex.indusind.com earlier can reorder on IndusForex basis past transaction.

You should keep a buffer of atleast 2 working days before your travel date to book Forex on IndusForex.

You can pick up your Forex card from IndusInd Bank Branch or get it delivered by courier at your preferred location.

Currency notes are only available for pick up at IndusInd Bank branch.

Online processing is the fastest and most convenient way of order processing on IndusForex. You'll need to verify your Aadhaar no. and e-sign the order to get a complete online experience.
Benefits to you:
⦿ No need to visit an IndusInd branch for document verification
⦿ Experience faster order completion - Get your order processed within 24 hours
⦿ No paperwork involved, it all happens online.
How does it work?
⦿ Add your Aadhaar no.
⦿ You'll receive an OTP on your registered mobile number with Aadhaar
⦿ You e-sign your documents on the basis of the OTP validation
⦿ If everything is in order, we complete your transaction online, no questions asked!

You need to have your valid Aadhaar number, your active mobile number linked to aadhaar number and an order value of less than $10,000/ $25,000 or equivalent for Forex/ wire transfer respectively.

IndusInd bank account holders don’t need to upload any document for IndusForex transaction.

Non IndusInd account holders need to provide PAN Card copy and Address proof for the address mentioned under Personal Details.

Following payment modes are available on IndusForex:

⦿ 100% Payment through IndusNet or IndusInd Debit Card for Savings Account holders of IndusInd Bank

⦿ 5% Payment through Payment Gateway for any customer including IndusInd Customers

Yes, as per FEMA guideline, funds for Forex transactions should be paid by the account of remitter/ traveller only failing which the transaction is bound to be cancelled. A relative or friend cannot make payment on your behalf on IndusForex.

No, payment needs to be made via online NEFT/ RTGS/ IMPS only to the said IndusInd Bank account.

You can book the Forex rate by paying 5% amount and make 95% payment later. Forex rates are subject to change, hence you can book your Forex rate by paying a small token amount.

No, only after payment of 95% amount order processing will start. If 95% payment is not received within 24 hrs of Forex booking, Forex order can be cancelled by the bank.

⦿ Make 95% payment via online NEFT/ RTGS/ IMPS to IndusInd account no.: 00993564605072 IFSC code: INDB0000001 within 24 hours of making 5% payment.

⦿ Go to My Orders page on IndusForex, login with your mobile no. & PAN and go to order tracking

⦿ Upload the documents under my orders section (if not already done)

⦿ Update the successful NEFT/ RTGS/ IMPS transaction no.

⦿ Check your order status on ‘my order’ page. If it shows ‘Under Processing’, we’ll process and complete your order

You can buy travel insurance on indusforex.com while purchasing forex for your international trip. It is a simple 'one click buy' to secure your travel in case of any exigencies.

⦿ You can buy travel insurance while buying forex card and currency notes on indusforex.com

⦿ You can take insurance for any travel purpose within the above product categories like leisure travel, business travel, education travel etc.

While buying forex from indusforex.com, you will be shown the insurance offer and policy details, along with premium to be paid for your trip. You can chose to buy the insurance policy within the same forex order. Once premium payment is confirmed at our end, the policy will be sent on your email within few minutes.

You can pay the policy premium along with your forex order in the same bill with any of the given modes – debit card, credit card, internet banking. If you are paying only 5% of forex order initially, the insurance premium need to be paid in full along with 5% of forex value.

The policy premium will be taken along with 5% forex amount and the policy will be generated right after this payment is successful.

You can buy travel insurance to any country of travel as filled in your forex order. The policy is eligible only for the country you are travelling to.

TCS on foreign exchange transactions under LRS is effective on any remittance transaction under LRS on or after 1^st October 2020. Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which took effect from 1st day of July, 2021. The Finance Bill FY 2024 has updated the provisions of TCS for all LRS remittances purposes except Education & Medical, effective 1st day of October, 2023.

TCS on foreign exchange transactions under LRS is effective on any remittance transaction under LRS on or after 1^st October 2020. Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which took effect from 1^st day of July, 2021. The updated provisions as per Finance Bill 2023, will be effective from 1^st day of October, 2023.

The tax will be applicable on all foreign exchange transactions that fall under the LRS of RBI.

According to new sections 206AB and 206CCA a specified person is someone who necessarily fulfils both the below criterion w.e.f. 1^st July 2021:

⦿ Person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately before the previous year in which tax is required to be deducted / collected Two previous years to be counted are required to be those whose return filing date under sub-section (1) of section 139 has expired.

⦿ Aggregate of tax deducted at source and tax collected at source is rupees fifty thousand or more in each of these two previous years.

The updated provisions for TCS as per Finance Bill FY 2024 are as follows:

Below transactions are under the purview of TCS applicability -

⦿ Foreign Exchange transactions under LRS purpose through IndusInd Bank branch or IndusForex.

⦿ Foreign Currency Demand Draft or Cash issuance from domestic resident account under LRS purpose.

⦿ Forex Card purchase and Reloading under LRS purpose through IndusInd Bank branch or IndusForex.

⦿ International transactions, on Debit cards transactions (including transactions done on Foreign Merchants).

All remittances done under LRS will be liable for TCS as per below table w.e.f. 1^st October 2023:

The TCS at 0.5% shall be applicable on the amount exceeding INR 7,00,000 in a financial year under LRS for non-Specified person, if the amount remitted is obtained out of a loan from a Financial Institution for pursuing education. For specified person, the TCS at 5% shall be applicable w.e.f 1st July 2021 for above case.

For this purpose, ‘Financial Institution’ means a banking company to which the Banking Regulation Act, 1949 applies (including any bank or banking institution referred to in section 51 of that Act); or any other financial institution which the Central Government may, by notification in the Official Gazette, specify in this behalf.

In cases where the amount being sent through outward remittance is out of a loan obtained from any financial institution as defined in section 80E for the purpose of pursuing higher education. A financial institution under section 80E refers to any bank operating as per the Banking Regulation Act, 1949 and is in the capacity to provide such a service.

E.g. If the total amount remitted under LRS in a financial year is INR 8,00,000 for pursuing overseas education, TCS at 0.5% will be applicable on INR 1,00,000 (INR 8,00,000 - INR 7,00,000).

E.g. If there are multiple remittance of say three transactions of 10 lakhs each, where 1st and 3rd transactions are regular LRS and 2nd one is the Education remittance through Educational Loan, then only that 2nd transaction will be charged at 0.50%.

The TCS at 5% shall be applicable on remittances exceeding INR 7 lakhs in a financial year for non-Specified person andat 10% for specified person w.e.f. 1st July 2021.

The TCS will be applicable on the total amount remitted for overseas tour program as per existing & proposed regulation w.e.f from 1st October, 2023. The tour operator is responsible to collect the TCS for the transaction. Bank will not collect anything from the Tour operator and it’s Tour Operator’s responsibility to remit the TCS to GOI.

All LRS purposes are included in the INR 7 lacs threshold limit. Medical & Education transactions under LRS will attract 5% TCS above the threshold. Rest all outward transactions under LRS will attract 20% TCS above the threshold.

The TCS on all forex transactions under LRS shall be applicable from 1st April, 2023 for FY 2023-24.

Yes, TCS will be applied on LRS transactions if foreign exchange facility is availed through branches or IndusForex for FCY Outward Remittance or loading Forex cards or purchase of FCY DD or FCY Cash.

It is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS.

No GST will be applicable on the tax collected as TCS. However, GST will be applicable on the currency conversion, remittance service charge and other charges.

Yes, the remitter / customer can claim credit for the tax collected by the bank while filing for their tax returns as the TCS is deemed to be a payment of tax on behalf of the person from whom the amount has been collected. The said TCS remittance from the Bank’s side will reflect in Form 26AS of the PAN Card holder

The bank will not refund the TCS collected by it and paid to Government. However, the credit for the same shall be available to the remitter/customer and they can claim refund by filing income tax returns.

For any further assistance, please contact your Relationship Manager or your nearest branch

TCS was introduced in Union Budget in FY 2020 and was to be applicable from April 1, 2020. However, this was deferred due to on-going COVID-19 pandemic. It came into effect from October 1, 2020. Remittances executed before the effective date was not be part of TCS. The updated provisions were introduced in subsequent Finance Budget for FY 2021 & FY 2023.

All purposes which form part of Liberalized Remittance Scheme (LRS) will be covered under TCS. For example, purposes like maintenance of relatives abroad, gift, education, medical treatment, overseas investments in property and stocks, emigration will come under the tax bracket

For non-Specified persons, with PAN card linked to Aadhaar, it is 5% of the amount remitted in excess of INR 7,00,000 in a financial year for purpose of Education or Medical. For Specified persons, with PAN card linked to Aadhaar, it is 10% of the amount remitted in excess of INR 7,00,000 in a financial year for purpose of Education or Medical. For all other purposes, rate will be 20% for non-Specified & Specified persons w.e.f. 1^st October 2023.

Authorized Dealer (AD) i.e. Bank who will be remitting money on behalf of remitter will collect the tax and will in turn pay it to the Government

AD – II players will collect the tax and will in turn pay it to the Government

Tour Operator will have to collect tax for foreign tours arranged by them and handle TCS on their own before sending net amount for remittance abroad.

Remittances below INR 7,00,000 in a financial year are exempted from TCS.

Payments for foreign education made from obtaining an education loan from a financial institution in India are subject to 0.50% TCS for Non-specified persons.

If the remitter books foreign tour on his/her own, it will not be subject to TCS.

The TCS can be set off against the overall liability of the tax payer. If parent has already paid tax on the money in question as his or her income and is simply gifting the same to the child, the parent can claim a refund from the TCS

TCS paid can be adjusted against tax payable when individuals who would have paid TCS file income tax returns (ITR) in India. Please consult your tax advisor/consultant for further information.

Please note TCS once deducted cannot be refunded by the bank in case of any return of transaction/remittances. Remitter can approach for refund from tax authority while filing Income Tax Returns or consult with tax advisor for refund/adjustment.