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of <h1>Service Tax Exemption on Foreign Currency Remittances to India Clarified; Includes Fees and Conversion Charges Under 2012 Rules.</h1> The circular clarifies that service tax is not applicable to foreign currency remittances sent to India, as these transactions are considered money transfers and not services under the Finance Act 1994. Fees or conversion charges associated with these remittances are also exempt from service tax since both the sender and the remittance company are located outside India, as per the Place of Provision of Services Rules, 2012. Furthermore, Indian banks or financial institutions charging foreign entities for services at the receiving end are also exempt, as the service provision location is deemed to be outside India.
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