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.
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.
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.
* 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
"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
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 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
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/-
WSFX does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for
any errors or omissions or for the results obtained from the use of such information. WSFX especially states
that it has no financial liability whatsoever to any user on account of the use of information provided on its
website. WSFX does not warrant the accuracy, adequacy or completeness of this information and material and
expressly disclaims liability for errors or omissions in this information and material. WSFX is not
responsible for any errors, omissions or representations on any of our pages or on any links on any of our
pages. Please verify the veracity of all information on your own before undertaking any trade or alliance.
These results should therefore be used only as a guide. You can contact or visit our branch in order to obtain
the actual rate available at time of exchange.
There are risks associated with utilizing internet. Subscribers are advised to understand that the services
can fail due to failure of hardware, software, and Internet connection. WSFX hereby expressly disclaims any
implied warranties imputed by the laws of any jurisdiction. We consider ourselves and intend to be subject to
the jurisdiction only of the courts of Mumbai in India. If you don't agree with any of our disclaimers above
please do not rely on information shared on any of our pages. This site is specifically for users in the
territory of India.
Although the access to users outside India is not denied, WSFX shall have no legal liabilities whatsoever in
any laws of any jurisdiction other than India. We reserve the right to make changes to our site and these
disclaimers, terms, and conditions at any time. Money exchange rates & its trade is inherently risky and you
agree to assume complete and full responsibility for the outcomes of all trading decisions that you make,
including but not limited to loss of capital. The information is not meant to be an endorsement or offering of
any purchase. They are meant to be a guide only, which must be tempered by experience and independent decision
making process of the viewer.
Thus this information is NOT a recommendation or solicitation to buy or sell any of foreign currency. By
using this website including any software and content contained therein, you agree that use of the Service is
entirely at your own risk and WSFX is not responsible thereof.