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of <h1>Money Changers Liable for Service Tax Under Banking and Financial Services per Finance Act, 1994 & FEMA, 1999.</h1> Money changers engaged in foreign exchange services are classified under banking and financial services for service tax purposes. According to the Finance Act, 1994, and the Foreign Exchange Management Act, 1999, money changers are considered authorized dealers and foreign exchange brokers, making them liable for service tax. The Reserve Bank of India licenses money changers, subjecting their activities to specific conditions. Despite their role as agents of the RBI, money changers cannot claim exemption from service tax by arguing they only buy and sell currency. Their services fall under the statutory definition of banking and financial services, thereby attracting service tax.
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