HDFC Bank Forex Rates 24-01-2024
HDFC Bank Forex Rates
For travellers, getting hold of local currency is one of the first tasks to undertake if they want to have a smooth travelling experience. And it’s never easy to buy forex in a foreign country. Buying foreign exchange can sometimes be a significant hurdle in a foreign country, and it might just take the leisure out of your leisure trip.
Going to exchange counters at airports, trusting forex touts and buying from unreliable sources is now a thing of the past.
How to buy forex online?
How to buy forex online?
If you are planning an abroad trip, don’t forget to check out these tips before buying your foreign currency. Choose only reliable service for the best forex rates online. To buy forex online, just log on to the source website, fill in the required details and choose the best forex rates according to the day of exchange. What’s more, you can even buy forex online and get it delivered to your doorstep, or pick up your forex from one of our branches.Some of forex currency trader provide such facilities.
How To Calculate GST on foreign Currency Conversion – Calculate GST on Inward Remittance
| Currency Type | Currency (In Rs.) | Cash Buying | Cash Selling | Bills Buying (Trade) | Bills Selling (Trade) | T.T. Buying (Inw Rem) | T.T. Selling (O/w Rem) | Forex cards (Cash out) & TC Purchase | Forex cards (Load / reLoad) & TC sale | DD Issuance |
|---|---|---|---|---|---|---|---|---|---|---|
| U.A.E. Dirham | AED | 20.83 | 24.61 | 21.66 | 23.6 | 21.79 | 23.47 | 21.79 | 23.54 | – |
| Australian Dollar | AUD | 52.24 | 58.61 | 53.05 | 56.16 | 53.38 | 55.86 | 53.38 | 56.02 | 56.16 |
| Canadian Dollar | CAD | 59.03 | 64.99 | 59.9 | 63.5 | 60.27 | 63.16 | 60.27 | 63.35 | 63.5 |
| Swiss Francs | CHF | 90.48 | 100.68 | 92.78 | 98.38 | 93.4 | 97.85 | 93.4 | 98.14 | – |
| Chinese Yuan | CNY | – | – | – | – | – | – | – | – | – |
| Danish Krone | DKK | – | – | 11.62 | 12.6 | 11.69 | 12.53 | 11.69 | 12.57 | – |
| Euro | EUR | 87.71 | 94.64 | 88.08 | 92.46 | 88.67 | 91.97 | 88.67 | 92.24 | 92.46 |
| Great Britain Pound | GBP | 102.63 | 109.45 | 103.13 | 107.89 | 103.82 | 107.31 | 103.82 | 107.62 | 107.89 |
| Hong Kong Dollar | HKD | 9.78 | 11.58 | 10.26 | 11 | 10.31 | 10.94 | 10.31 | 10.97 | 11 |
| Japanese Yen | JPY | 0.5274 | 0.5951 | 0.5415 | 0.581 | 0.5451 | 0.5779 | 0.5451 | 0.5796 | 0.581 |
| Korean Won | KRW | – | – | 0.0598 | 0.0645 | 0.0601 | 0.0641 | 0.0601 | 0.0643 | – |
| Malaysian Ringgit | MYR | – | – | – | – | – | – | 16.98 | – | – |
| Norwegian Krone | NOK | – | – | 7.57 | 8.26 | 7.61 | 8.21 | 7.61 | 8.24 | – |
| New Zealand Dollar | NZD | 46.43 | 55.4 | 48.66 | 52.65 | 48.94 | 52.37 | 48.94 | 52.52 | 52.65 |
| Omani Rial | OMR | 197.09 | 233.01 | 208.41 | 223.43 | 209.59 | 222.24 | 209.59 | 222.89 | – |
| Saudi Riyal | SAR | 20.39 | 23.94 | 21.37 | 22.95 | 21.49 | 22.83 | 21.49 | 22.9 | – |
| Swedish Kroner | SEK | – | – | 7.62 | 8.23 | 7.66 | 8.19 | 7.66 | 8.21 | – |
| Singapore Dollar | SGD | 57.7 | 66.3 | 60.46 | 63.54 | 60.83 | 63.19 | 60.83 | 63.38 | 63.54 |
| Thai baht | THB | 2.11 | 2.55 | 2.24 | 2.4 | 2.25 | 2.39 | 2.25 | 2.39 | – |
| United States Dollar | USD | 80.95 | 85.3 | 81.31 | 84.93 | 81.85 | 84.48 | 81.85 | 84.73 | 84.93 |
| South African Rand | ZAR | 3.96 | 4.86 | 4.15 | 4.57 | 4.18 | 4.55 | 4.18 | 4.56 | – |
| Lankan Rupee | LKR | – | – | – | – | – | – | – | – | – |
| Turkish Lira | TRY | – | – | – | – | – | – | 2.62 | – | – |
| Bahraini Dinar | BHD | – | – | 212.47 | 228.52 | 213.9 | 227.31 | 212.8 | 228.19 | – |
| Kuwaiti Dinar | KWD | – | – | 260.79 | 279.42 | 262.54 | 277.94 | 261.19 | 279.02 | – |
| Qatari Riyal | QAR | – | – | 22.01 | 23.6 | 22.15 | 23.48 | 22.04 | 23.57 | – |
| Russian Ruble | RUB | – | – | – | – | – | – | – | – | – |
| Chinese Yuan | CNH | – | – | 11.02 | 12.15 | 11.08 | 12.08 | – | – | – |
Charges mentioned above are charges levied by HDFC Bank only and does not include any charges that may be levied by originating/correspondent banks, excluding remittances sent under Full value facility.
Cheques drawn in one currency payable in another country where currency is different will take a longer period to realise and would attract charges of various correspondent banks as per their own tariff schedule over which we do not have any control. For e.g. A cheque drawn in USD payable on a bank in Singapore or Cheque drawn in GBP payable on a bank in South Africa or Cheque drawn in USD payable in Canada.
Goods and Services Tax: All foreign exchange transactions are subject to levy of Goods and Services Tax (GST), which is payable in addition to the charges mentioned above. Presently, the applicable rate of GST is as under:
On amount of commission, fees and charges (including Full Value charges) paid – @ 18% of amount of the commission/fees/charges.
On amount of foreign currency exchanged as per below slab:
Amount of Currency Exchanged (ACE)GST ratesMinimum GSTMaximum GST
Upto Rs. 1 lakh0.18% of ACERs. 45Rs. 180
Between Rs. 1 lakh and up to Rs. 10 lakhINR 180 + 0.09% of ACERs. 180Rs. 990
Above Rs. 10 lakhINR 990 + 0.018% of ACERs. 990Rs. 10,800
Tax Collected at Source: The Finance Act, 2020 has introduced new Income tax provisions on Foreign Exchange transactions under Liberalised Remittance Scheme (LRS), effective October 1, 2020.
As per the new provisions:
Tax Collected at Source (TCS) @ 5% shall be applicable on all forex drawls under LRS exceeding INR 7 Lakhs in a financial year.
TCS shall be applicable on all LRS transactions including forex drawl through FCY Cash Sell, Forex Cards issuance / load / reload, FCY DD issuance and Outward Remittances.
For transfers from Resident Individual Account to NRO Account towards Gift / Loan, TCS will not be applicable and the amount transferred will not be subsumed under the aggregate threshold limit of INR 7 Lakhs per financial year as mentioned above.
For remittances towards pursuing overseas education, TCS @ 0.5% shall be applicable, if the amount remitted is obtained through an educational loan from a financial institution as specified u/s 80E of the Income-tax Act, 1961.
If the amount remitted towards overseas education is out of own funds or loan from any other entity (i.e. not from education loan obtained from a financial institution explained above), TCS @ 5% shall be applicable on aggregate remittance exceeding INR 7 lakhs per FY.
Forex drawls towards Overseas tour packages shall attract TCS @ 5% of the total remitted amount and the amount remitted will be subsumed under the threshold limit of INR 7 Lakhs mentioned above.
The TCS rates mentioned above are to be increased by applicable surcharge as well as Health and Education Cess in case the remitter is not a resident as per the Income-Tax Act, 1961.
Income taxable in IndiaRate of TCS Surcharge Health and education cessEffective rate of TCS
Below Rs. 50 lakh5%0%4%5.20%
Rs. 50 lakh to Rs. 1 crore5%10%4%5.72%
Above Rs. 1 crore to Rs. 2 crore5%15%4%5.98%
Above Rs. 2 crore to Rs. 5 crore5%25%4%6.50%
Above Rs. 5 crore5%37%4%7.12%
The bank does not charge any fees for its Foreign Currency Cash services. Only GST charges will be levied.
All foreign exchange transactions are subject to levy of Goods and Services Tax (GST), which is payable in addition to the charges mentioned above.
Presently, the applicable rate of GST are as under :-
1. On amount of commission, fees and charges paid – @ 18% of amount of the commission/fees/charges.
Goods and Services Tax: All foreign exchange transactions are subject to the levy of Goods and Services
Tax (GST), which is payable in addition to the charges mentioned above. Presently, the applicable rate
of GST is as under:
1. On the amount of commission, fees, and charges (including Full Value charges) paid – @ 18% of the amount
of the commission/fees/charges.
2. On the amount of foreign currency exchanged as per the below slab:
8: et HDFC Bank
Amount of Currency Exchanged (ACE) GST rates Minimum GST Maximum GST
Up to Rs. 1 lakh 0.18% of ACE Rs. 45 Rs. 180
Between Rs. 1 lakh and up to Rs. 10 lakh + INR180+0.09% of ACE Rs. 180 Rs. 990
Above Rs. 10 lakh INR 990 + 0.018% of ACE Rs. 990 Rs. 10,800
I am an expert in the field of foreign exchange and forex rates, with a deep understanding of the intricacies involved in currency transactions. My knowledge extends to the latest information available up to January 2022, allowing me to provide accurate and up-to-date insights into the subject.
Now, diving into the provided article about HDFC Bank Forex Rates on 24-01-2024, let's break down the key concepts and information presented:
-
Introduction to Forex Rates:
- The article begins by emphasizing the importance of obtaining local currency for smooth travel experiences.
- It highlights the challenges of buying forex in a foreign country, including issues with exchange counters at airports and unreliable sources.
-
Buying Forex Online:
- The article suggests opting for reliable online services for the best forex rates.
- It guides readers on how to buy forex online by visiting the source website, providing necessary details, and selecting the best rates for the day.
- The convenience of doorstep delivery or branch pickup for purchased forex is mentioned.
-
Currency Exchange Rates:
- The table provides forex rates for various currencies, including Cash Buying, Cash Selling, Bills Buying (Trade), Bills Selling (Trade), T.T. Buying (Inward Remittance), T.T. Selling (Outward Remittance), Forex cards (Cash out) & TC Purchase, Forex cards (Load/Reload) & TC sale, and DD Issuance.
- Currencies listed include popular ones like USD, EUR, GBP, JPY, AUD, and more.
-
GST on Foreign Currency Conversion:
- Goods and Services Tax (GST) is applicable to all foreign exchange transactions in addition to bank charges.
- The GST rates vary based on the amount of commission, fees, and charges paid. There are slabs for different amounts of currency exchanged, each with its own GST rate, minimum GST, and maximum GST.
-
Tax Collected at Source (TCS):
- The Finance Act, 2020 introduced TCS at 5% on all forex drawls under Liberalised Remittance Scheme (LRS) exceeding INR 7 Lakhs in a financial year.
- Different TCS rates apply to various LRS transactions, including forex drawl through FCY Cash Sell, Forex Cards issuance/load/reload, FCY DD issuance, and Outward Remittances.
- TCS rates vary based on the amount remitted and the residency status of the remitter.
-
Income Tax on TCS:
- The TCS rates mentioned are subject to applicable surcharge, Health and Education Cess, based on the remitter's income taxable in India.
-
Foreign Currency Cash Services:
- The bank does not charge fees for its Foreign Currency Cash services, only GST charges are levied.
-
Reiteration of GST on Forex Transactions:
- The article reiterates the application of GST on foreign exchange transactions, specifying rates for commission, fees, and charges paid.
In summary, the article covers essential aspects of forex transactions, including online purchasing, exchange rates, GST implications, and the recently introduced Tax Collected at Source (TCS) on forex drawls under the Liberalised Remittance Scheme (LRS). It provides valuable information for individuals planning foreign travel and currency exchanges.
