Taxable foreign exchange broker services include authorised dealers and money changers under the FEMA authorisation framework. Foreign exchange broker services are taxable and include authorised dealers and authorised money changers; the term authorised dealer is defined by reference to the Foreign Exchange Management Act as an authorised person (including authorised dealers, money changers and offshore banking units) whom the Reserve Bank may authorise to deal in foreign exchange or foreign securities. A departmental circular consolidates and supersedes earlier administrative guidance on the technical scope, classification, valuation and exemptions relevant to service tax.