Frequently Ask Questions

General Queries

Can we buy Foreign exchange online?

For online purchases we recommend you to visit www.pullmanforex.com and enjoy the convenience of booking currencies online and getting door-step delivery of your currency.

If I am traveling abroad, which is the best way to carry currency?

One must consider below points when traveling overseas.

• SAFETY.
• Security
• Accessibility &
• Duration of your overseas visit.

If you are traveling for a short duration, then currency note is a great way to carry foreign currency for your everyday needs however, if stay is for longer duration, its recommended to carry Prepaid Forex card (available in multiple currencies). Load larger amount in Forex prepaid cards for safety and small amount of Foreign Currency Notes for your immediate use. PULLMAN FOREX deals in multiple currencies* for your needs and with our expertise we guarantee reliability and authenticity of the Foreign Currency Notes (FCN) which will not land you in trouble when you are abroad.

Is it important to buy Foreign Exchange from authorized dealers?

YES! It is very important for safety and security sake to buy Foreign exchange from authorized dealers like Banks and authorized RBI approved dealers. The most important reasons to buy Forex from authorized dealers is that you are guaranteed that the Foreign exchange currency notes supplied are genuine and not soiled. You also gets official receipt for the purchase which you may require at the immigration counter in India as well as at the destination Country.

How do I know that the currency notes that are being given to me are genuine?

PULLMAN FOREX’s team of industry experts holds extreme expertise and years of experience in dealing with currency exchange. Expert cashiers and backed with currency detecting machines helps in quickly identifying torn, soiled or fake notes and hence when you purchase currency from PULLMAN FOREX, be rest assured that your notes are genuine and will help you enjoy a good trip abroad.

Can I pay for my Foreign Currency in Indian Rupee in cash?

Foreign exchange for your foreign trip can be purchased from PULLMAN FOREX against rupee payment in cash only up to Rs.49,999/-. However, if the Rupee equivalent exceeds Rs.49,999/-, the entire payment should be made by way of a crossed Cheque / banker’s Cheque/ pay order/ demand draft from purchaser’s account only. Please note that providing a PAN Card is mandatory for all transactions irrespective of the amount of INR paid in cash/card/cheque/dd/bank transfer etc. by the customer. As per company policy, orders placed on this website, payments will be accepted ONLY by online bank transfer.

Is there an additional charge for withdrawing cash overseas?

There is a nominal fee of approx. 2 to 3 USD per withdrawal. Please check with the card issuer for more details. In some cases, there may also be a charge levied by the bank that owns the ATM. You will be notified on the ATM screen if there is an extra charge.

What is the maximum limit for carrying foreign currency?

Maximum limit for foreign currency per traveler for a leisure trip (other than to Nepal and Bhutan), is USD $2,50,000 in one financial year of which only $3,000 can be carried per trip as currency notes and the balance has to be carried in the convenient form of Prepaid Forex cards which are readily available over the counter at any PULLMAN FOREX Branch, on self-declaration basis, irrespective of the number of visits undertaken during the year.

PULLMAN FOREX suggest customers to carry local currencies of the destination countries to avoid double conversion loss.

PULLMAN FOREX SOLUTIONS:

Which currencies does PULLMAN FOREX deal with?

While the list of currencies is continuously changing based on prevailing international business scenarios, however we provide all major currency namely USD/EUR/ GBP/AUD/SGD/CAD etc. and other exotic currency can also be made available with prior notice.

If I am traveling to multiple countries, can I get different solutions from PULLMAN FOREX?

At PULLMAN FOREX, we respect your needs and our advisers will help you get the right solutions from a range of products – Currency Notes, Prepaid Forex Cards– so that your overseas travel is smooth and hassle free. Our recommendation would be to carry few USD Notes for your immediate needs during travel and rest load different foreign currency in our Multi Currency cards to be used at each countries.

My foreign holiday is 45 days away. Can I buy Foreign Exchange now from PULLMAN FOREX?

At PULLMAN FOREX, you can get Foreign Exchange up to 60 days in advance of your trip. In case, you do not travel during that period, the foreign exchange should be surrendered to PULLMAN FOREX.

BUSINESS TRIPS AND OVERSEAS EDUCATION

What types of trips are treated as business trips?

Visits in connection with business, deputation by company, attending of an international conference, seminar, specialized training, study tour, apprentice training, etc., are treated as business visits.

My business trip abroad is 45 days away. Can I buy Foreign Exchange now from PULLMAN FOREX?

At PULLMAN FOREX, you can get Foreign Exchange up to 60 days in advance of your trip. In case, you do not travel during that period, the foreign exchange should be surrendered to PULLMAN FOREX.

For my business trip abroad, can I pay for my Foreign Currency in cash?

No, you need to pay for your business trip using funds from your business bank account.

What is the maximum limit for carrying foreign currency for purpose of overseas education?

When traveling for education, the regulation says that the students can avail Fx maximum up to USD2,50,000 or up to the amount as mentioned in the University offer letter / I- 20 whichever is less. During initial travel, the students can avail USD 3,000 can be carried per trip as currency notes and the balance has to be carried in the convenient form of Prepaid Forex cards which are ready available over the counter at PULLMAN FOREX.

FOREX PREPAID CARD

What is a Prepaid Forex Card?

Multicurrency Forex Card is designed exclusively for customers who travel extensively across the globe. It is a unique product with multiple currencies loaded on the same card for convenience, thus avoiding the need to carry multiple cards for different destinations. When you're traveling, it's easy to access local currency at an ATM. Simply look for the Visa/Mastercard symbol on the ATM. These are a part of global ATM network which allows you to get cash at over 2 million ATM's in more than 200 countries and territories the world over. Before you travel, it is a good idea to check with your card-issuing bank about the overseas ATM transaction fees.

What are the benefits of Prepaid cards?

The Prepaid Travel Card comes with a lot of other benefits:
1. Access to over 34 Million merchant establishments and to 2.1 Million ATM's
2. Free Replacement Card.
4. Global Emergency Toll Free Assistance in over 80 countries
5. Online access and controls on your card account.
6. Online usage possible.
7. Safety and security at no cost.
8. Encashment option available once you return from your trip.
9. Directly swipe your Card without any transaction fee at merchant establishments accepting Visa card,

Should one opt for Forex prepaid cards while traveling abroad?

Forex prepaid cards are the NEW AGE product developed for the frequent travelers which combines Safety, security through pin protection as well as convenience while traveling overseas. The traveler can use it for purchase at over millions of establishments as well as withdraw cash from over 2 million ATM centers.

I have my debit card, do I need forex card?

Generally the forex prepaid card is more cost effective medium compared to a debit card. It is always recommended to compare the charges levied by the bank for various types of transactions at retail outlets and ATMs.

In how many currencies are Prepaid cards available?

Generally Prepaid cards are available in all MAJOR currencies for your foreign travel needs and you can load all those currencies onto a single card.

Do you need to open account in the bank or put deposits with PULLMAN FOREX?

No. You do not need to open an account or be banking with the respective bank to avail Forex Prepaid cards. Prepaid cards are available over the counter at all PULLMAN FOREX Locations.

What is the validity of the Prepaid Forex Cards?

Prepaid Forex Cards are re-loadable and valid for a period of minimum 3 years. Within this period, you can use the Prepaid Forex Card as many times as you like. On your next trip overseas, you can reload your Card at any PULLMAN FOREX branch. Simply fill in the reload coupons given to you along with the necessary documents; your Card will be credited with the new amount within hours.

What documents do I need to submit when I purchase/ reload Prepaid Forex Card from PULLMAN FOREX?

As per the purpose of travel, you will have to submit a copy of the following documents at your nearest PULLMAN FOREX branch along with the application form for the Prepaid Forex Card before you travel abroad:

Once I get the Prepaid Forex card, can I use the card in India?

No. You cannot use the cards in India.

How much money can I load onto the card?

The usage of your Travel Currency Card should be in strict accordance with the regulations of the Reserve Bank of India and FEMA regulations. The amount loaded or reloaded on a card can be done as per the foreign Exchange Management Act, 1999 and prevailing RBI regulations in force at present.

Can I retain the card and reload it for my next trip?

PULLMAN FOREX offers the convenience of retaining your card and reloading it before your next trip abroad so that you can use the same card the next time you travel.

If I have money left on my card, how can I en-cash it once I come back?

The Card can be en-cashed only after your return to India. Furthermore, the last transaction done on the card should be more than 10 days prior to the date of encashment. For refund of the residual or unutilized balances you can approach any of the PULLMAN FOREX branches irrespective of where the card was issued. You need to complete the refund form and submit a copy of your passport along with the form and claim your refund at the best possible rates.

What is the maximum limit for carrying foreign currency and for business trips?

As per Indian Regulations limits are determined based on the purpose of your travel. For a business trip, the expenses are born by the company, Indian nationals and foreign nationals resident in India can carry foreign exchange abroad without any limit, subject to verifying the bonafides of transaction. Proprietary firms can avail foreign exchange up to a maximum of USD 2,50,000 per financial year but only USD 3,000 can be carried as currency notes per trip and balance in the convenient form of Prepaid Forex Cards. Which are readily available over the counter at PULLMAN FOREX.

Tax Collected at Source (TCS)

What is Tax Collected at Source (TCS) on Forex and when does it become effective?

The new provision for Tax Collected at Source (TCS) is under section 206C (1G) of the Income Tax Act and applies to all forex products including foreign currency notes, prepaid forex cards, remittance of money overseas and demand drafts, effective from October 1st, 2020. The transactions for the entire financial year will be considered for calculating the overall threshold limit.

When does Tax Collected at Source (TCS) apply?

TCS applies to the Liberalized Remittance Scheme (LRS) quota of resident individuals (including proprietary concerns), and will be collected once the amount exceeds ₹ 7 lakhs. Customers will have to pay 5% TCS on the transaction amount plus service charges and GST. In case of non-availability of PAN or Aadhaar, TCS will be charged at 10% on the transaction amount plus service charges and GST.

In the case of a loan for educational purposes obtained from any bank or financial institute registered under section 80E of the Income Tax Act, the concessional rate of TCS will be 0.5% on the amount exceeding Rs 7 lakhs.

For example, if you buy currency worth ₹ 10 lakhs, TCS will be applicable on ₹ 3 lakhs.

To whom does Tax Collected at Source (TCS) apply?

TCS will be collected from the traveller/remitter whose LRS is used for availing the Forex/Remittance.

Does Tax Collected at Source (TCS) apply to Overseas Tour Packages?

Yes, TCS applies to Overseas Tour Packages, meaning any tour package that offers a visit to a Country or Countries or Territory or Territories outside India. Customers will have to pay 5% TCS on the transaction amount plus service charges and GST. In case of non-availability of PAN or Aadhaar, TCS will be charged at 10% on the transaction amount plus charges. There is no minimum threshold limit for tour operators to collect TCS on Overseas Tour packages.

For example, if a customer buys currency worth ₹ 3 lakhs, TCS will apply to ₹ 3 lakhs.

How is TCS calculated?

TCS applies to the amount exceeding ₹ 7 lakhs on the customer's current financial year’s LRS limit. The rate of TCS is 5% of the forex amount including service charges and GST. When the forex is procured through a loan obtained from any bank or financial institution registered under section 80E, the concessional rate of TCS will be 0.5% on the amount (exceeding ₹ 7 Lakhs). Below are a few scenarios to help understand better:

Are there any exemptions from TCS?

Customers whose current financial year’s LRS limit is below ₹7 lakhs and payments for foreign education originating from an education loan from a financial institution in India are subject to a lower 0.5% TCS. The following are exempt from TCS:

• The Central or State government

• An Embassy, a High Commission, legation, commission, consulate or trade representative of a foreign State and a club

• Local authority [as defined in explanation to section 10(20)]

• • Any other person as may be notified.

Can I get a refund on TCS?

TCS is not an additional charge and can be adjusted against your total income tax liability and claimed while filing your personal income tax returns.

If a transaction is cancelled after the debit from the account, will TCS be refunded?

TCS will not be reversed once debited. Customers can approach the income tax authority for a refund by filing their personal income tax return.

The following documents are required to be provided while doing the transaction online or physically at our branch outlets:

The below documents are to be provided while doing the transaction online or must be handed over physically to our branch outlets:

• Education loan sanction letter with student/parent name

• Declaration on the LRS application from the client that the source is from a loan

• Bank statement showing the source of funds as an unutilized disbursed education loan from a financial institute

• Certificate issued by the Income Tax authority where the financial institution has been registered under section 80E

Is Tax Collected at Source (TCS) applicable to NRI's?

TCS does not apply to non-residents and foreign nationals.