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of <h1>No Service Tax on Foreign Currency Remittances to India by Banks/MTSOs from July 2012 to October 2014.</h1> No service tax will be imposed on services provided by Indian banks or entities acting as agents for Money Transfer Service Operators (MTSO) concerning foreign currency remittances from outside India to India during the period from July 1, 2012, to October 13, 2014. The Central Government, under section 11C of the Central Excise Act, 1944, and section 83 of the Finance Act, 1994, acknowledges that service tax was not levied during this period due to a prevalent practice. Therefore, it directs that the service tax for this period will not be required to be paid.
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