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Foreign exchange broking: money changers are liable for service tax as providers of banking and financial services in foreign currency transactions. Money changers qualify as authorized dealers and thereby as foreign exchange brokers, making services they provide in buying, selling or broking of foreign currency taxable as banking and financial services rather than as sales of goods; RBI licensing and conditions confirm their status as authorised agents and the statutory service tax framework applies uniformly to such foreign exchange broking activities.
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Provisions expressly mentioned in the judgment/order text.
Foreign exchange broking: money changers are liable for service tax as providers of banking and financial services in foreign currency transactions.
Money changers qualify as authorized dealers and thereby as foreign exchange brokers, making services they provide in buying, selling or broking of foreign currency taxable as banking and financial services rather than as sales of goods; RBI licensing and conditions confirm their status as authorised agents and the statutory service tax framework applies uniformly to such foreign exchange broking activities.
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