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<h1>Service Tax Rules for Foreign Exchange Brokers Defined; Excludes Banks, Financial Institutions per 2007 Circular</h1> The taxable services related to foreign exchange brokers as of June 30, 2012, under service tax regulations effective from July 1, 2003. It defines a foreign exchange broker as any authorized dealer or money changer, excluding banking companies and financial institutions. The term 'authorized dealer' is aligned with the definition under the Foreign Exchange Management Act, 1999, which includes those authorized by the Reserve Bank to deal in foreign exchange. Additionally, a circular from August 23, 2007, supersedes previous clarifications on service tax, affecting the scope, classification, and valuation of taxable services.