Rates of certain products such as currency notes are heavily dependent on demand and supply in the local market. Other products such as forex cards, wire transfers, and demand drafts do not have a physical footprint and therefore they are not dependent on demand and supply in the local market.
The demand for foreign currency in India generally exceeds the supply and as a result, foreign currency notes are often available at much worse rates than alternatives such as forex cards. At times these products are not available at all. Apart from this, the rates of different products vary since our channel partners provide us with different rates for different products.
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 up to 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 up to 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/-
Orders on www.bookmyforex.com require an advance deposit of 2% of the total order value to freeze the rate for 3 working days. On the last step of order placement, you will be required to make this payment through our secured payment gateway using credit/debit cards or net banking.
Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, should obtain prior approval from the Ministry of Human Resources Development (Department of Education and Culture), Government of India, New Delhi.
Yes, a resident Indian can hold foreign exchange saved from his/her previous trip and use it for subsequent travel. According to the Reserve Bank of India, individuals can hold foreign currency notes or traveler's cheques up to USD 2,000 or equivalent indefinitely for future use. If they possess more foreign exchange beyond this limit, they are required to deposit the unused forex within 180 days after returning to India.
Foreign travel on account of any of the following will be treated as business travel:
1. International business travel sponsored by firms/companies/organizations in India.
2. Participation in International conferences/seminars that are of a scientific, technical, or educational nature.
3. Specialized training/study tours sponsored by institutions or undertaken by professionals like Doctors.
Leisure Travel/ Personal Visit
This scheme covers travel for vacation, meeting family/ friends, etc.
This scheme allows you to buy forex for:
* International business travel sponsored by firms/companies/organizations in India.
* Participation in International conferences/ seminars that are of a scientific, technical, or educational nature.
* Specialized training/study tours sponsored by institutions or undertaken by professionals like Doctors.
This scheme allows you to buy/ remit forex for permanent relocation overseas
This scheme allows you to buy/ remit forex for tuition fees, boarding, maintenance expenses, books, etc.
Medical Procedure/ Medical Expenses
This scheme allows you to buy/ remit forex for:
* Resident Indian going abroad for Medical Treatment/Check Up.
* Resident Indian fell sick after proceeding abroad
* Attendant accompanying patient
Maintenance of a Close Relative Abroad
This scheme allows you to buy/ remit forex to support a close relative staying abroad.
Purchase of Real Estate Abroad
This scheme allows you to buy/ remit forex to purchase property abroad
Investment in stocks/ Other foreign investments
This scheme allows you to buy/ remit forex to open a brokerage/ bank account abroad to invest in foreign equities or other financial instruments traded abroad
Send a Gift or Donation
This scheme allows you to buy/ remit forex to send a gift abroad or make a donation to an organization abroad
Personal Transfer to own bank account abroad
This scheme allows you to transfer money from your Indian bank account to a foreign bank account that is in your name
Forex orders, where neither the full payment nor the refundable rate guarantee deposit has been paid, can be canceled without any charge. In case a refundable rate guarantee deposit has been received against a forex order to hold the forex rates, canceling the order would result in the forfeiture of the refundable rate guarantee deposit. In case a Forex order is canceled after the full payment against the same is received, BookMyForex would refund the total amount paid after the cancellation fee amounting to 2% of the order total.
For Travelers proceeding to Iraq or Libya exchange in the form of currency notes may be released up to a limit not exceeding US$ 5,000 or its equivalent per resident individual in a financial year (total USD 2,50,000).
For Travelers proceeding to the Islamic Republic of Iran, the Russian Federation, and other Republics of the Commonwealth of Independent States, the entire exchange (USD 2,50,000) can be released in the form of currency notes.
Travelers proceeding to Pakistan, Bangladesh, or Myanmar by land route are eligible for up to a limit of US$ 2,50,000 or its equivalent per resident individual in a calendar year. For Airline staff, open tickets may be accepted. Proof of Airline staff will be required by the bank
The following are considered to be close relatives:
1. Members of HUF (Hindu Undivided family)
2. Husband & Wife
3. Father (Provided that the term "Father" includes step-father)
4. Mother (Provided that the term "Mother" includes the step-mother)
5. Son (Provided that the term "Son" includes the step-son)
6. Son's wife
8. Daughter's husband
9. Brother (Provided that the term "Brother" includes the step-brother)
10. Sister (Provided that the term "Sister" includes the step-sister)
" An Indian Resident" 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 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
2. 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
"No obligation" means you don't have to pay a single rupee to book the order. However, note that you are also exposing yourself to market fluctuations because, in the case of no-obligation orders, live rates are applied if the rates move more than 0.1% at the time/day of order execution.
BookMyForex offers the option to lock in the live rates you see on the site for up to three working days and place an order at a fixed rate. This feature allows you to secure your order when you believe the rates are favorable.
To fix the rates, you will need to either make a full payment while booking the order itself or provide a Rate Guarantee Deposit of 2% of the order value. The deposit will be refunded to the source account once the order is completed. If the order doesn't get completed due to any reason specified in the Cancellation Policy, the cancellation charges will be deducted from the deposit or the full amount paid, whichever is the minimum value of 2% of the order total. You can place a fixed-rate order 24x7.
For orders valued up to Rs. 50,000 per traveler, you have the option to pay using the below payment methods as well as cash. If the Order total exceeds Rs. 50,000, you are allowed to use one of the following payment methods only:
1. Online Net-banking, UPI, Debit or Credit card (Subject to availability of respective bank, and any additional charges applicable will be displayed while making order payment)
2. NEFT/RTGS/IMPS from own savings account in India (subject to clearance; rates may change in this case)
"Pay on Delivery" means you don't have to make any payments until you have received your Forex products. You can choose the "no-obligation order" option on the BookMyForex.com website to opt for pay-on-delivery.
Your online transaction on BookMyForex.com is processed over a secure HTTPS connection and secured with the highest levels of encryption available. All credit card and debit card payments on BookMyForex.com are processed through a secure and trusted payment gateway and your credit card/ debit card/ net-banking info is never stored on our servers.
Yes, most certainly. Unlike TDS, Tax Collected at Source (TCS) can be adjusted while filing tax returns. Any TCS collected by the service provider will be reflected in Form 26AS. You can view your Form 26AS after logging into the Income Tax portal using your login credentials.
Yes, if you are an individual taxpayer, you can claim TCS and have it adjusted as an advance tax payment. You can also adjust it against your total income tax liability while filing returns. BookMyForex will share an automated TCS certificate with the customers on their registered email ID, so salaried individuals may be able to adjust the Tax Collected at Source (TCS) from TDS deductions. This is however subject to the employer’s perception of genuine TCS paid and if the same can be verified on the income tax portal.
As per RBI guidelines, you are allowed to purchase forex only 60 days before your travel date. You need to provide your trip details to certify that forex is being purchased within 60 days of your travel date.
Upon placing an order on bookmyforex.com or on any of our referral partners, such as tripmoney.com or makemytrip.com, you will receive a confirmation email from BookMyForex on the email address you provided during order placement, informing you that your order is confirmed.
In this email, you will be provided with a "Unique Order Reference Number" along with your order details including the documents you’ll need to submit to complete the order. You can also reach out to our customer support team to get answers to any queries you may have concerning your order.
Here are the applicable charge details for new card orders and purchase/ selling of currency notes
Orders received before 1 p.m. may be delivered on the same business day. For orders received after 1 p.m., we schedule delivery on the next business day in such a scenario.