What rate does this converter use?
It shows the mid-market rate – the midpoint between the buying and selling prices in the global currency market – refreshed every minute. It is the fairest reference rate, but it is not what a bank, card or money changer gives you: they add a margin of about 1–3.5%, and some charge fees on top. Enter that margin in the markup field to see the amount you would actually receive.
GST on currency exchange
When you buy or sell foreign currency through a bank or authorised dealer in India, 18% GST applies on a notional value set by rule 32(2)(b) of the CGST Rules:
| Rupee amount exchanged | Taxable value |
|---|---|
| Up to ₹1 lakh | 1% of the amount (minimum ₹250) |
| ₹1 lakh to ₹10 lakh | ₹1,000 + 0.5% of the amount above ₹1 lakh |
| Above ₹10 lakh | ₹5,500 + 0.1% of the amount above ₹10 lakh (maximum ₹60,000) |
Sending money abroad?
Resident individuals can remit up to USD 2,50,000 a year under the RBI’s Liberalised Remittance Scheme. TCS may apply on large remittances, and payments to non-residents often need Form 15CA and a CA certificate in Form 15CB. See our 15CA / 15CB filing service.
Frequently Asked Questions
How often are the rates updated?
The page fetches fresh rates every minute while it is open. The time of the last update is shown under the result.
Why is my bank's rate different?
Banks and card networks add a margin over the mid-market rate and may charge fees. For official customs and GST valuation, CBIC notifies separate exchange rates.
Is GST charged on buying foreign currency?
Yes. 18% GST applies on a notional value of the transaction, which works out to small amounts – for example ₹180 on exchanging ₹1 lakh.
Which rate is used for invoices in foreign currency?
For GST, the value is converted at the RBI reference rate on the date the invoice is issued. For income tax, the SBI TT buying rate is used in many cases.
Rates are indicative mid-market rates for information only and are not an offer to buy or sell currency. Check with your bank or authorised dealer before you transact.