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of <h1>Service Tax Not Applicable to Money Changers; Clarification on Distinction from Foreign Exchange Broking under Finance Act, 1994.</h1> The circular addresses the liability of money changers to pay service tax under the category of 'banking and other financial service' as per the Finance Act, 1994. It clarifies that money changing and foreign exchange broking are distinct activities. Money changing involves the sale and purchase of foreign exchange at market rates, whereas foreign exchange broking involves acting as an intermediary for a commission. The Board concludes that service tax is not applicable to money changing activities, as they do not qualify as foreign exchange broking. Previous instructions on this matter are superseded.
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