Foreign Currency
The GDC will help you get Forex Cards and foreign currency. Be assured of the best competitive rates only at your doorsteps.
Frequently asked questions
We are able to assist.
You can get the best Foreign Exchange rate at banks/ authorised Foreign Exchange dealers.
Please fill up your requirements on our website www.settleezee.com, and our representative will guide you to the nearest bank branch and will ensure that you are offered the most competitive Foreign Exchange buying rates.
You can purchase Foreign Exchange up to a maximum of USD 250,000 per financial year under Liberalized Remittance Scheme (LRS). You can purchase Foreign Exchange any number of times but within the overall limit of USD 250,000.
You have to carry the following documents to the bank branch for purchasing Foreign Exchange
- Valid passport(with 6 months validity)
- Admission Letter from College/University abroad stating fees to be paid
- Filled up A2 form including purpose of remittance
- Wire/Telegraphic Transfer
- Cash (up to USD 2000 per year)
- Travellers Cheques
- Forex Card (multi-currency card)
Yes, you have to pay TCS (tax collected at source) for all remittances above the amount of INR 7 lakhs. The rate of TCS is 5% of all amounts over and above INR 7 lakhs per year. The bank will deduct this tax before remitting the fund abroad.
If education loan is availed then TCP of 0.5% applicable.
No - GST will not be applicable on the tax collected at source (TCS). Though, GST will be charged on when you convert the currency and use a remittance service for its usage.
For remittances that carry the purpose of overseas education, TCS will apply at a rate of 0.5%, only in the case if the amount remitted is originating through a loan from a financial institution.
The total amount is INR 12 lacs. TCS at 0.5% will be applicable on INR 5 lakhs (Amount after INR 7 lakhs is taken into account) & tax collected in this case will be Rs. 2,500.
A 5% TCS will be applied on remittances crossing INR 7 lakhs in a financial year under LRS.