The following option for determining value of supply for a person providing service in relation to purchase or sale of foreign currency & money changing:
- WHEN ANY CURRENCY IS EXCHANGED FROM OR TO INDIAN RUPEES :
- VALUE = (BUYING OR SELLING RATE -RBI REFERENCE RATE) X TOTAL UNITS OF CURRENCY
If RBI reference rate is not available
- VALUE= 1% of Gross Amount of INR provided/received by the Money Changer
- IF NEITHER OF THE CURRENCIES EXCHANGED IN INR
- VALUE = 1% of Lowerof two amounts by converting any of the two currencies into INR
- GROSS AMOUNT OF CURRENCY EXCHANGED
- VALUE to be considered for Supply of Service
-Up to Rs.1 Lakh/- = 1% of Gross amount of Currency Exchanged, Subject to Minimum amount of Rs. 250/-.
-Greater thanRs.1 Lakh but less than 10 Lakh = Rs. 1,000 + 0.5% of Gross amount of Currency Exchanged
-Exceeding Rs.10 Lakhs = Rs. 5,000 + 0.1% of Gross amount of currency Exchanged, Subject to Maximum amount of Rs. 60,000/-.