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City List

  • ADOOR
  • AGRA
  • AHMEDABAD
  • AHMEDNAGAR
  • AJMER
  • ALAMGANJ
  • ALAPPUZHA
  • ALLAHABAD
  • AMBIKAPUR
  • AMLOH
  • AMRITSAR
  • AMTALA
  • ANAND
  • APRA
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  • ASANSOL
  • ASSANDH
  • AURANGABAD
  • AVANASHI
  • BADDI
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  • BEGOWAL
  • BELDA
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  • KOCHI
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  • KOLLAM
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  • KOZHIKODE
  • KURNOOL
  • LANDRAN
  • LUCKNOW
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  • MALOUT
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  • MANGALORE
  • MANIMAJRA
  • MAPUSA
  • MARGAO
  • MEERUT
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  • MIDNAPORE
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  • MORBI
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  • MYSURU CITY
  • NADIAD
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  • NASIK
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  • NOIDA
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  • SONIPAT
  • SRIGANGANAGAR
  • SRINAGAR
  • SURAT
  • TARN TARAN
  • THANE
  • THIRUVALLA
  • THIRUVALLUR
  • THIRUVANATHAPURAM
  • TILDA
  • TIRUCHIRAPALLI
  • TIRUPUR
  • TORANGALLU
  • TRISSUR
  • TUMKURU
  • VADODARA
  • VALLABH VIDHYA NAGAR
  • VALSAD
  • VAPI
  • VARANASI
  • VIJAYAWADA
  • VISAKHAPATNAM
  • VRINDAVAN
  • WARANGAL
  • YAMUNA NAGAR
  • ZIRAKPUR

Frequently Asked Questions (FAQs)

Top FAQs

  • What is Dynamic Currency Conversion?

    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).

  • What are limits or charges on Forex Card usage?

    Please refer link of Forex - Schedule of Charges

  • What services are available on IndusForex?

    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.

  • Who can transact on IndusForex?

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

  • Do I have to be IndusInd Bank customer for doing transaction on IndusForex?

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

  • For what purposes can I send money abroad as remittance?

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

  • For what purposes can I buy Forex Currency Notes on IndusForex?

    You can buy currency notes for Leisure Travel only.

  • For what purposes can I buy Indus Multicurrency Forex Card on IndusForex?

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

    Purpose Currency Notes Multicurrency Forex Card Purchase Multicurrency Forex Card Reload Outward Remittance
    Leisure Travel Yes Yes Yes No
    Employment No Yes Yes Yes
    Immigration No Yes Yes Yes
    Visa Fees No No No Yes
    Education No Yes Yes Yes
    Maintenance No No No Yes
    Gift No No No No Yes
    Medical No Yes Yes Yes
  • 3 things to know before transacting on IndusForex

    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

  • Can a close relative fund a Forex transaction on IndusForex?

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

  • What are the steps to book an order on IndusForex?

    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.

  • Can I use the Dynamic Currency Conversion option at the time of making a transaction?

    We urge you to note that as the Indus Multi-Currency Forex Card is purchased and loaded with the purpose of using the card in the respective foreign currency, the customer must avoid selecting any option that prompts for a change in usage currency to avoid any adverse exchange rate. The "dynamic currency conversion" feature may appear with differing terminology depending on the overseas bank. IndusInd Bank is not responsible for any "dynamic currency conversion" related charges and will not be able to refund any such charges in case they are levied on account of wrong usage of card.

  • How long does it take for completion of transaction / delivery of Forex via IndusForex?

    ⦿ If 100% payment and documents upload are completed by 12:00 noon on T+0, then the order will be authorised on the same day. Customer can pick up the order from the branch on same or next day. In case of card courier, the card will be dispatched on the same day and customer shall receive it within 24 hours of dispatch.

    ⦿ If 100% payment and documents upload are completed after 12:00 noon T+0 till 12:00 noon on T+1, order will be authorised on T+1 and so forth.

    ⦿ If 100% payment or documents upload are not completed by 12:00 noon on T+2, the order stands cancelled and customer will get the refund of his payment after deducting relevant charges.

  • How long does it take for completion of card reload transaction on IndusForex?

    ⦿ If 100% payment and documents upload are completed by 12:00 noon on T+0, then the MultiCurrency Forex Card will be reloaded on same day under online processing.

    ⦿ If 100% payment and required documents upload are completed after 12:00 noon on T+0 till 12:00 noon on T+1, the card will be reloaded on T+1 and so forth.

    ⦿ In case document verification is required in person, the reload will happen within 24 hours of successful verification by the branch

    ⦿ If 100% payment or documents upload are not completed by 12:00 noon on T+2, the order stands cancelled and customer will get the refund of his payment after deducting relevant charges.

  • How long does it take for completion of outward remittance/ fund transfer abroad on IndusForex?

    ⦿ If 100% payment and documents upload are completed by 12:00 noon on T+0, then the SWIFT will be routed on the same day.

    ⦿ If 100% payment and documents upload are completed after 12:00 noon on T+0 till 12:00 noon on T+1, the SWIFT will be routed on T+1 and so forth.

    ⦿ In case document verification is required in person, the SWIFT will be routed within 24 hours of successful verification by the branch.

    ⦿ If 100% payment or documents upload are not completed by 12:00 noon on T+2, the order stands cancelled and customer will get the refund of his payment after deducting relevant charges.

  • How much does it cost to Order Forex or Send Money Abroad on IndusForex?

    ⦿ For a new purchase of Indus Multicurrency Forex card, INR 150 Of card issuance charge is applicable.

    ⦿ For a reload transaction, INR 100 charge is applicable.

    ⦿ For outward remittance, a processing charge of INR 750 is applicable on the transaction. Apart from this, Nostro charges are applicable on outward remittance basis the purpose of transaction. This charge can be either paid by the remitter along with order booking or can be shared with the beneficiary.

    ⦿ Courier Charges of INR 50 will be applicable for Courier Delivery of Forex Card

    ⦿ Foreign Currency Conversion Tax on INR equivalent will also be applicable on Forex orders.

  • Which currencies are supported for transaction on IndusForex?

    You can transact in the following currencies on IndusForex:

    S No. Currency Currency Code Currency Notes Forex Cards Wire Transfer/ Outward Remittance
    1 Australia Dollar AUD Yes Yes Yes
    2 Canada Dollar CAD Yes Yes Yes
    3 Euro EUR Yes Yes Yes
    4 Great Britain pound GBP Yes Yes Yes
    5 Saudi Riyal SAR Yes Yes Yes
    6 Singapore Dollar SGD Yes Yes Yes
    7 United Arab Emirates Dirham AED Yes Yes Yes
    8 US Dollar USD Yes Yes Yes
    9 Swiss Franc CHF No No Yes
    10 Danish Krone DKK No No Yes
    11 Hong Kong Dollar HKD No No Yes
    12 Norwegian Krone NOK No No Yes
    13 New Zealand Dollar NZD No No Yes
    14 Japanese Yen JPY No No Yes
    15 Swedish Kroner SEK No No Yes
    16 South African Rand ZAR No No Yes
  • How can the transaction be cancelled post order booking on IndusForex?

    An order on IndusForex stands cancelled by the customer or bank if any of the following terms are not met:

    ⦿ Customer cancels the order on customer care number: 1860 267 7777 before the order is authorised by the bank

    ⦿ If the Customer has not completed the payment & documents upload by 12:00 noon on T+2

    ⦿ If the customer has not visited the branch for document verification or Forex pick up till 12:00 noon on T+2

    ⦿ If the MultiCurrency Forex Card has been returned undelivered from customer’s delivery address

    ⦿ Name as per PAN Number does not match with the Customer Name on online application

    ⦿ Name as per Aadhaar does not match with the Customer Name on online application

    ⦿ FEMA limit for the customer is breached beyond INR 2,50,000

    ⦿ Negative match arising out of AML / OFAC checks

  • Will there be any charges for order cancellation?

    ⦿ Customer will be intimated through mail and SMS in case the order is cancelled. Any cancellation so carried out will be basis the Bank’s Card Rate (Available in https://www.indusind.com/footer/rates.html) and the applicable SWAP loss will be recovered from the amount being paid as part of this transaction completion.

    ⦿ Customer can contact the customer care number: 1860 267 7777 to ascertain the amount of SWAP loss post the Order is cancelled

  • How will I get refund on order cancellation?

    ⦿ Any refund arising out of cancellation of the transaction will be processed in 7 Working days

    ⦿ Any refund arising out of failure of transaction will be processed within 5 working days

HOW TO BOOK FOREX

  • What are the various transactions I can do through IndusForex?

    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

  • What is the minimum & maximum Forex value I can book through IndusForex?

    ⦿ 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

  • What is the maximum amount of Forex purchase I can do in a year

    As per FEMA, you can do Forex transactions worth USD 2,50,000 or equivalent in a financial year.

  • Are the rates displayed while order building current live rates?

    IndusForex offers you best Forex rates online. The rates available while order building are basis the live market data feed. The final rate applicable at time of order confirmation will be taken as final. Order will be booked on live rates prevalent at order confirmation stage.

HOW TO FILL YOUR DETAILS

  • Who all can fill their details online with ‘existing customer’ option?

    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.

  • How long before my travel date can I book Forex on IndusForex?

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

  • How can I get delivery of Forex cards from IndusForex?

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

  • How can I get delivery of currency notes on IndusForex?

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

  • Can I get Forex card delivered in city other than the address mentioned in personal details?

    Yes, you can change the delivery address of Forex while selecting your mode of delivery.

  • I cannot find a branch in my city for delivery, what can I do?

    You can collect your card from the nearest IndusInd Branch in a nearby city. You can also get it delivered by courier at your location.

  • In what cities is IndusForex service available in India?

    IndusForex is available in 200+ cities across India. For the complete list of cities where we are operating, click here.

ONLINE PROCESSING

  • What is online processing on IndusForex?

    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!

  • What do I need for online processing of order?

    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.

  • Can non IndusInd bank customers avail online processing?

    Yes, if you fulfil the above criteria of online processing, any customer can avail the online processing mode.

  • I do not have Aadhaar number, can I still avail the online processing mode?

    No, you can avail the online processing mode only if you e-sign your order basis aadhaar number OTP validation.

DOCUMENT REQUIREMENT

  • What documents are required to be uploaded by IndusInd account holders for Forex orders?

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

  • What documents are required to be uploaded by non-IndusInd account holders for Forex orders?

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

  • Can I submit documents in the branch rather than upload online?

    No, document upload online is mandatory for order processing of all orders on IndusForex. Though, you need to carry your original documents as uploaded to the branch for verification for branch pick up orders.

  • Will my Forex order go through even if I do not upload the documents?

    No, order processing will start only post upload of all mandatory documents on IndusForex

HOW TO MAKE PAYMENT

  • What are the various modes of Payment available on IndusForex?

    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

  • Is it necessary that the purchaser / remitter of Forex and remitter of INR for the said transaction should be same?

    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.

  • Can payment be made offline at the branch?

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

  • Why do I need to pay 5% of total amount initially?

    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.

  • Will my Forex order complete after 5% payment?

    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.

  • What do I need to do after making 5% payment?

    ⦿ Make 95% payment via online NEFT/ RTGS/ IMPS to IndusInd account no.: 00993562511672 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

  • In how much time do I need to make 95% payment to complete the order?

    95% payment needs to be completed within 24 hrs of making 5% payment online

  • What happens if I do not make the 95% payment?

    After 2 days of rate booking, your order will be cancelled by the bank if 95% payment transaction no. is not received by the bank

  • How do I know 95% payment has been accepted by IndusForex?

    Check your order stage under ‘order tracking’, it should show order ‘under processing’ or ‘order authorised’. Otherwise it will show pending tasks.

  • How do I get in touch with branch personnel for my order?

    You can check the branch details for your Forex order for branch contact information through Track your Order Page, or the same can be checked on the E-mail sent by the bank.

  • Who do I get in touch with if my order is being couriered

    You can get in touch for your order at 1860 267 7777 or email

TRAVEL INSURANCE

  • I want to know about travel insurance on Indusforex.com

    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.

  • For what purposes and products can I buy travel insurance?

    ⦿ 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.

  • What is the process to buy travel insurance on indusforex.com?

    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.

  • How can I pay for the travel insurance policy?

    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.

  • If I pay 5% of forex order and 95% later, when will my insurance policy be generated?

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

  • For what countries can I buy travel insurance?

    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.

  • What details do I need to provide for travel insurance?

    You need not provide any extra detail for travel insurance on indusforex. Your travel details as provided in indusforex should be correct to ensure validity of the insurance policy.

  • Can I buy travel insurance for other travellers or family members going with me?

    For now, the travel insurance on indusforex can only be bought for the traveller who is buying the forex amount.

  • What is the policy coverage I can get in the insurance policy?

    The policy has a sum insured of 50,000 $ or 30,000 € as per the travel location. The general benefits in the policy are:

    ⦿ Hospitalization expenses including out-patient and in-patient care

    ⦿ Double sum insured in case of hospitalization due to accident

    ⦿ Treatment in home country upto 30 days after returning from trip

    ⦿ Daily allowance in case of hospitalization upto a maximum of 5 days

    ⦿ Payment of family member visiting the person insured

    ⦿ Upgrade to business class post discharge from hospital

    ⦿ Dental expenses and medical evacuation covered

    ⦿ Compensate for financial loss in case of trip cancellation & interruption (wholly or in part) and trip delay

    ⦿ Payment towards cost incurred due to loss of passport, loss/ delay in checked in baggage

    ⦿ Please note, Pre-existing diseases are not covered under this policy when purchasing from IndusForex

  • What points do I need to remember while buying insurance on indusforex?

    You need to be aware of and adhere to the following:

    ⦿ The insurance policy is applicable only for the travel period, travel country and the traveller as per the forex order.

    ⦿ The traveller should not have any pre-existing diseases as per the insurance norms

    ⦿ You have not been diagnosed/ hospitalized or under any treatment for any illness/ injury in the last 48 months

    ⦿ You have never filed claim under any insurance policy

  • Can I cancel the insurance policy after payment?

    You can cancel the insurance policy before the start of your travel date by contacting CARE Insurance customer care @ 1800 102 4488 /cutomerfirstcareinsurance

  • Where can I contact regarding insurance policy, premium & payment?

    In case of queries or support, contact CARE Insurance customer care @ 1800 102 4488 /cutomerfirstcareinsurance or click here.

Tax Collection at Source (TCS)

  • What is Tax Collected at Source (TCS)?

    TCS on foreign exchange transactions under LRS is effective on any remittance transaction under LRS on or after 1st 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.

  • What is the effective date of applicability of the TCS on foreign remittances under LRS?

    TCS on foreign exchange transactions under LRS is effective on any remittance transaction under LRS on or after 1st 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 updated provisions as per Finance Bill 2023, will be effective from 1st day of October, 2023.

  • What are the different purposes on which the tax collection is applicable?

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

  • Who is a specified person?

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

  • What is the updated provisions as per Finance Bill FY 2024?

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

    LRS Transaction Purpose Category Old TCS Rate New TCS Rate
    Specified Person - N Specified Person - Y Specified Person - N Specified Person - Y
    Education (With Education Loan) 5% in excess of 7 Lacs 0.5% in excess of 7 lacs No Change No Change
    Education 10% in excess of 7 Lacs 5% in excess of 7 Lacs No Change No Change
    Medical Treatment 10% in excess of 7 Lacs 5% in excess of 7 Lacs No Change No Change
    Other Purpose 10% in excess of 7 Lacs 5% in excess of 7 Lacs 20% in excess of 7 Lacs 20% in excess of 7 Lacs

    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).

  • What all transactions will be impacted by this TCS provision?

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

    LRS Transaction Purpose Category New TCS Rate
    Specified Person - Y Specified Person - N
    Education (With Education Loan) 5% in excess of 7 Lacs 0.5% in excess of 7 lacs
    Education 10% in excess of 7 Lacs 5% in excess of 7 Lacs
    Medical Treatment 10% in excess of 7 Lacs 5% in excess of 7 Lacs
    Other Purpose 20% in excess of 7 Lacs 20% in excess of 7 Lacs

  • What is the new tax implication on remittances for pursuing overseas education?

    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%.

  • What is the tax implication if the amount remitted for pursuing education abroad is from owned funds or out of loans from Non-specified institutions/private parties?

    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.

  • What is the tax implication of remittances for the purchase of overseas tour program package under LRS?

    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.

  • Which transactions are included in the threshold limit of INR 7 lacs, above which the TCS shall be applicable?

    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.

  • How threshold limit of INR 7 lakhs would be computed for FY 2023-24?

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

  • Will the TCS be applicable if the foreign exchange facility is availed in Cash / Forex cards?

    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.

  • What is the applicable TCS if PAN /AADHAR is not updated on Bank's records?

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

  • Will GST be applied on the TCS amount?

    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.

  • If remitter/ customer can avail tax credit of the TCS?

    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

  • What if the tour package/educational program etc. is subsequently cancelled or not persuaded?

    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

  • When was Tax Collected at Source (TCS) introduced?

    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.

  • Which purposes are covered under TCS?

    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

  • What is the TCS Rate?

    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. 1st October 2023.

  • Who has the authority to collect tax?

    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.

  • Are there any exemptions?

    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.

  • Is TCS applicable on tax paid income?

    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

  • Is the customer eligible for any tax rebate?

    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.

  • In case of return of transactions post debit from the account, will the TCS get refunded back?

    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.

  • The aggregate amount of remittance made by customer after 1st October 2023 is INR 5,00,000 under LRS. What is the total TCS applicable to this customer?

    There are three scenarios for the mentioned example:

    Scenarios Remittance Amt Under Medical/Education Total TCS Applicable
    Scenario 1 Zero 0% till 7 Lacs = 0
    Scenario 2 3 lacs out of 5 lacs 0% till 7 Lacs = 0
    Scenario 3 All 5 lacs 0% till 7 Lacs = 0

  • The aggregate amount of remittance made by customer after 1st October 2023 is INR 10,00,000 under LRS. What is the total TCS applicable to this customer?

    There are five scenarios for the mentioned example:

    Scenarios Remittance Amt Under Medical/Education Total TCS Applicable
    Scenario 1 Zero 0% till 7 Lacs = 0
    Scenario 2 3 lacs out of 10 lacs 20% on 3 Lacs = 60 K
    Scenario 3 7 lacs out of 10 lacs 20% on 3 Lacs = 60 K
    Scenario 4 8 lacs out of 10 lacs 5% on 1 Lac + 20% on 2 Lacs = 45 K
    Scenario 5 All 10 lacs 5% on 3 Lacs = 15 K

  • The aggregate amount of remittance made by customer up to 30th September 2023 is INR 5 lacs for Education/Medical and from 1st October 2023 to 31st March 2024 is INR 5 lacs for other purposes under LRS. What is the total TCS applicable to this customer?

    In the mentioned example TCS calculated for:

    i. Medical/Education Purpose

    Amount Before/After 1st October 2023 Total TCS Applicable
    First 5 Lacs Before 0% till 7 Lacs


    ii. Other Purpose
    Amount Before/After 1st October 2023 Total TCS Applicable
    Next 5 Lacs After 0% till 7 Lacs 20% on 3 Lacs = 60 K

  • The aggregate amount of remittance made by customer up to 30th September 2023 is INR 5 lacs for Education/Medical and 5 lacs for other purposes under LRS. The aggregate amount of remittance made by customer after 1st October 2023 is INR 5 lacs for Education/Medical and 5 lacs for other purposes, under LRS. What is the total TCS applicable to this customer?

    In the mentioned example TCS calculated as accordingly:

    Amount Purpose Before/After 1st October 2023 Total TCS Applicable
    1st 5 Lacs Medical/Education Before 0% till 7 Lacs
    2nd 5 Lacs Other Purpose Before 5% on 3 Lacs = 15 K
    3rd 5 Lacs Medical/Education After 5% on 5 Lacs = 25 K
    4th 5 Lacs Other Purpose After 20% on 5 Lacs = 1 Lac

  • The aggregate amount of remittance made by customer up to 30th September 2023 is INR 10 lacs for Education/Medical and 10 lacs for other purposes under LRS. The aggregate amount of remittance made by customer after 1st October 2023 is INR 10 lacs for Education/Medical and 10 lacs for other purposes, under LRS. What is the total TCS applicable to this customer?

    In the mentioned example TCS calculated as accordingly:

    Amount Purpose Before/After 1st October 2023 Total TCS Applicable
    1st 10 Lacs Medical/Education Before 5% on 3 Lacs = 15 K
    2nd 10 Lacs Other Purpose Before 20% on 10 Lacs = 2Lac
    3rd 10 Lacs Medical/Education After 5% on 10 Lacs = 50 K
    4th 10 Lacs Other Purpose After 20% on 10 Lacs = 2Lac

  • The aggregate amount of remittance made by a Specified person up to 30th September 2023 is INR 10 Lacs and from 1st October 2023 to 31st March 2024 is INR 10 Lacs for non-Education/non-Medical purpose under LRS. What is the total TCS applicable to this customer?

    In the mentioned example TCS calculated for non-Education/non-Medical purpose are as follows:

    Amount Before/After 1st October 2023 Total TCS Applicable
    First 10 Lacs Before 10% on 3 Lacs = 30 K
    Next 10 Lacs After 20% on 10 Lacs = 2 Lac

  • The aggregate amount of remittance made by a Specified person up to 30th September 2023 is INR 10 Lacs and from 1st October 2023 to 31st March 2024 is INR 5 Lacs for Education/Medical purpose under LRS. What is the total TCS applicable to this customer?

    In the mentioned example TCS calculated for Education/Medical purpose are as follows:

    Amount Before/After 1st October 2023 Total TCS Applicable
    First 10 Lacs Before 10% on 3 Lacs = 30 K
    Next 10 Lacs After 10% on 10 Lacs = 1 Lac

  • The aggregate amount of remittance made by a non-specified person upto 30th September 2023 is INR 10 Lacs. He paid 5% TCS on 3 Lacs of his previous transaction. Whether his residual 15% TCS will be added in his next transaction?

    No. In this case, TCS would apply @ 5% for Education/Medical & 20% for other purposes on further transactions only, for FY 23-24.

  • A Specified person has made remittance of USD 20,000 towards education fees out of India out of his loan borrowed from Scheduled Bank (qualified loan under Indian Income Tax Act) after 1st October 2023. Is TCS applicable to this customer and at what rate?

    Yes. In this case, the amount of remittance is INR 16.8 Lacs (USD 20,000*INR 84) and made toward pursuing education out of India out of loan qualified under the Indian Income Tax Act, TCS @ 5% would apply on the amount exceeding INR 700,000. It is assumed this is the 1st transaction under the PAN Number in the FY 2023-24.

  • Is TCS applicable to NRE / NRO / FCNR Repatriation?

    TCS is not applicable on NRE / NRO / FCNR repatriations.

  • Customer, the US embassy in India, has made remittance of USD 20,000 for official purpose to USA. Is TCS applicable to this customer?

    No. TCS is applicable on remittances made by an embassy, a High Commission, a legation, a commission, a consulate, the trade representation of a foreign State etc.