FREQUENTLY ASKED QUESTIONS

Tax Collected at Source (TCS) FAQ's here

Video-KYC FAQ's here

General FAQ’s:

Q 1. How much foreign exchange can be taken for a trip abroad ?

Ans: Foreign exchange can be taken under private visit category governed by the overall LRS limit of USD 2,50,000 per traveler in a single financial year, as per regulations. However, only USD 3000 of that amount can be carried as currency notes for a particular trip– the balance has to be in the form of prepaid forex cards.

Q 2. What are the various documents required to purchase foreign currency ?

Ans: You will need your passport, PAN, a valid visa, and a confirmed air ticket.

Q 3. Can I place my order on a holiday through the WSFx Smart Fx App ?

Ans: Yes, you can place an order through the App however the transaction will be processed on the next working day.

Q 4. What if my trip is cancelled or postponed after buying forex ?

Ans: In the event of cancellation of the journey, the foreign exchange drawn for this specific travel must be surrendered within 60 days from the date of its purchase.

Q 5. Will I have to submit my transactional documents physically after uploading in the WSFx Smart Fx App ?

Ans: Yes, our service executive will pick up the physical documents from your mentioned address on the app. Please make sure to keep them ready and signed on time.

Q 6. How do I know that my order placed in the WSFx Smart Fx App is confirmed ?

Ans: Once you complete your order on the Smart Fx App, we will send you a confirmation mail and an SMS to the registered email address and mobile number you enter at the time of Sign up. In this mail, you will be provided with a "Unique Order Reference Number" along with your order details.

Q 7. How long does it take you to provide doorstep delivery ?

Ans: Orders received will be delivered at the time and address mentioned by you in the Smart Fx App.

Q 8. Are rates published on the Smart Fx App updated ?

Ans: The rates published on the Smart Fx App are updated on real time basis as they are connected to the live market.

Q 9. Can I purchase multiple currencies & products in one order in the Smart Fx App ?

Ans: Yes, you can add multiple currencies & products you wish to purchase in one order. You just need to add the currency/product in the order cart and proceed.

Q 10. Is one required to surrender foreign coins also to an authorized dealer ?

Ans: There is no restriction on residents holding foreign coins.

Q 11. What documents do I need when surrendering or selling currency ?

Ans: While surrendering currency we will need your identification doc and proof of address. If the amount exceeds USD 5,000 in cash or exceeds USD 10,000 in total, you will also need a Currency Declaration form.

Q 12. Can a third party make payments on my behalf to buy foreign exchange ?

Ans: No, third party payment is not allowed as per RBI guidelines.

Q 13. Who can pay for my foreign exchange ?

Ans:
  • Self
  • Spouse
  • Father or Step Father
  • Mother or Step Mother
  • Son and step son
  • Son's Wife
  • Daughter
  • Daughter's husband
  • Brother or Step brother
  • Sister or Step Sister

Q 14. Are children and minors also entitled to foreign exchange when they travel abroad ?

Ans: Yes, children of all ages are allowed same entitlements (limits) as adults, But Minors/children below age of 12 cannot carry Forex card/Travelers cheque.

Q 15. Can Nonresident Indians, foreigners buy foreign exchange for personal / leisure travel ?

Ans:
  • The foreign nationals must stay in India minimum 3 years and above , having pan card , permanent residency in India  and  also applicant is not availing of facilities for remittances of his salary, savings,etc ., abroad in terms of extant regulations
  • Similarly, Foreign born wife of an Indian national staying in India minimum 3 years and above , having pan card , permanent residency in India  and  also applicant is not availing of facilities for remittances of his salary, savings, etc., abroad in terms of extant regulations

Q 16. What is the definition of an Indian resident ?

Ans:"Person resident in India" is defined in Section 2(v) of FEMA, 1999 as :
A person residing in India for more than one hundred and eighty-two days during the course of the preceding financial year but does not include:

1. A person who has gone out of India or who stays outside India, in either case -

  • For taking up employment outside India
  • For carrying on outside India a business or vocation
  • For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period
A person who has come to or stays in India, in either case, except:

  • For taking up employment in India
  • For carrying on in India a business or vocation in India
  • For any other purpose, in such circumstances as would indicate his intention to stay in India for an uncertain period
  • Any person or body corporate registered or incorporated in India
  • An office, branch or agency in India owned or controlled by a person resident outside India
  • An office, branch or agency outside India owned or controlled by a person resident in India

Q.17. How much forex can be brought into India by a foreigner or a Nonresident Indian ?

Ans:
  • No limit on amount of foreign exchange that can be brought into India. However, currency notes beyond USD 5000 (equivalent) and up to USD 10000 (total) need to be reported at customs and currency declaration form (CDF) obtained
  • CDF is required whenever currency / forex surrender exceeds respective limits

Q 18. How much is the GST/SGST on Foreign Currency Conversion ?

Ans: As stipulated by the Government of India, any conversion from one currency to another - sale, encashment & remittance will be charged a GST/SGST on the gross amount of currency exchanged as per the following slabs:

  • 0.18% of the gross amount of currency exchanged for an amount upto Rs 100,000, subject to the minimum amount of Rs 45
  • Rs 180 and 0.09% of the gross amount of currency exchanged for an amount of rupees exceeding Rs 100,000 and upto Rs 10,00,000
  • Rs 990 and 0.018 % of the gross amount of currency exchanged for an amount of rupees exceeding Rs 10,00,000, subject to a maximum of Rs. 10,800/-