Rule 32: Determination of value in respect of certain supplies :
Rule 32(2): Purchase or sale of forex including money changing Option-1
- When exchanged from or/ to INR:
Ø difference of buying rate/ selling rate and RBI reference rate X total units of currency
(If RBI reference rate is not available, value shall be 1% of gross amount of INR received or provided)
- If neither of two currencies exchanged in INR, the value shall be equal to:
Ø1% of the lesser of the two amounts
Øreceived by converting any of the two currencies into INR
Øon that day at the reference rate provided by RBI.
Rule 32(3) – Air Travel Agents:
- Domestic bookings: 5% of Basic Fare
- International bookings: 10% of Basic Fare
- “Basic fare” means that part of the air fare on which commission is normally paid to the air travel agent by the airline.