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CBDT exempts Forex authorised dealers & Full-Fledged Money Changers from purview of Sec. 194N TDS

October 16, 2019
The CBDT has notified that provisions of sec. 194N shall not be applicable to authorised dealers of forex & Full-Fledged Money Changers. Exemption is available if separate bank a/c has been maintained from which withdrawal is made for purchase of foreign currency from foreign tourists or NR visiting India or from resident Indian on their return to India or for disbursement of inward remittances to recipient beneficiaries in India in cash under Money Transfer Service Scheme
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