Terms and Conditions

Foreign Currency Exchange Terms of Use:

This Web site is offered to you conditioned on your acceptance without modification of the terms, conditions, and notices contained herein. Your use of this Web site constitutes your agreement to all such terms, conditions, and notices which are subject to amendment without any notice.

You agree to click on the links and familiarize yourself with the Terms of Use and other terms and guidelines found throughout this Web site and abide by them if you choose to use the sites, pages or services to which they apply.

As a user of foreign exchange services you agree and confirm being aware of all regulatory norms. (If you need any information regulations, please call our helpline @ 0844 8444 717).

Primeforex.in will not be responsible for any transaction executed through us by forge or unprofessed information. User will be solely responsible for such action and liable to regulatory actions.

All orders need to be completely complied with regulatory guidelines; any deviation from the same will be the sole responsibility of the user. (If you need any information on guidelines please write/call us at 0844 8444 717.

All order values will be rounded off to the nearest currency unit.

Rates are subjected to major fluctuation.

User understands and agrees that all other foreign currency travel card related terms and condition as displayed on the card issuing banks website will be applicable.

The source of funds for making the Payment towards the purchase of Forex is as per Reserve Bank of India KYC Norms and the foreign exchange shall not be used for prohibited purposes.

The orders placed are not designed for the purpose of any contravention or evasion of the provisions of the FEMA 1999 Act or of any Rule, Regulation, Notification, Direction or Order made there under.

The Customer agrees and undertakes to provide such information /documents as will reasonably satisfy us about the transaction in terms of the RBI Limits for Foreign Exchange Purchases or sales. The customer shall be responsible and liable for any incorrect information provided by him.

The foreign exchange purchased from this site should be used within 60 days of purchase. In case it is not possible to use the foreign exchange within the period of 60 days, same should be surrendered to an authorized person.

All documents are mandatory. LRS form and Bank reload forms need to be submitted for every transaction.

Payment and all 'relevant' documents need to be submitted within 48 hrs of placing the order or else the rates will be applicable when the complete payment and documentation is received.

Currency notes are subjected to availability

We do not accept coins for encashment.

Encashment of currency notes will only happen after verification by branch for the condition/validity of notes, transaction can be denied if branch does not find the currency appropriate for encashment.

Goods & SERVICE TAX (GST) Slab for Forex Services:

The revised rates of GST applicable for money changing transactions and effective from 1st July, 2017 are as under:

The minimum amount of GST to be paid is Rs.45/- irrespective of transaction value up to Rs.25,000/-

Gross Amount of Transaction: Value up to Rs.1,00,000/- Applicable tax: One per cent of the gross amount of currency exchanged for an amount up to one lakh rupees, subject to a minimum amount of two hundred and fifty rupees.

Eg. If Gross amount = 70,000/- then GST = 18% of (1% of the Gross Amount)

Gross Amount of Transaction: Value > Rs.1,00,000 up to Rs.10,00,000/- Applicable tax: One thousand rupees and half of a per cent of the gross amount of currency exchanged for an amount exceeding one lakh rupees and up to ten lakh rupees.

Eg. If Gross amount = 1, 80,000/- then GST = 18% of (1,000+ .5% of 80,000 (i.e. 1,80,000-1,00,000)).

Gross Amount of Transaction: Value > Rs.10,00,000/- Applicable tax: Five thousand and five hundred rupees and one tenth of a per cent of the gross amount of currency exchanged for an amount exceeding ten lakh rupees, subject to maximum amount of sixty thousand rupees.

Eg. If Gross amount = 11,60,000/- then GST= 18% of (5,500+ .1% of 1,60,000 (i.e. 11,60,000-10,00,000)).

COMPLIANCE WITH LAWS:

The users shall comply with all the applicable laws (including without limitation Foreign Exchange Management Act, 1999 or Anti-Money laundering Guidelines of the RBI) and the rules made and notifications issued there under and the Exchange Control Manual as may be issued by Reserve Bank of India from time to time, Information and Technology Act, 2000 as amended by the Information Technology (Amendment) Act 2008, Prevention of Money Laundering Act, 2002 and the rules made there under, Foreign Contribution Regulation Act, 1976 and the rules made there under, Income Tax Act, 1961 and the rules made there under, applicable to them respectively for using Payment Facility and Prime Forex.

PERSONAL & NON COMMERCIAL USE LIMITATION:

This Web site is for your personal and non-commercial use. You will not modify copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any information, software, products or services obtained from this Web site.

INDEMNITY

You shall indemnify Prime Forex, our licensee, affiliates, subsidiaries, group companies (as applicable) and their respective officers, directors, agents, and employees, from any claim or demand, or actions including reasonable attorneys' fees, made by any third party or penalty imposed due to or arising out of Your breach of these Terms of Use, privacy Policy and other Policies, or Your violation of any law, rules or regulations or the rights (including infringement of intellectual property rights) of a third party.

JURISDICTION

Terms of Use shall be governed by and interpreted and construed in accordance with the laws of India. The place of jurisdiction for all disputes or any issues shall be exclusively in Chennai, Tamil Nadu.

LIMITATION OF LIABILITY

IN NO EVENT SHALL Prime Forex BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES OF ANY KIND IN CONNECTION WITH THESE TERMS OF USE, EVEN IF THE USER HAS BEEN INFORMED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES.

GREIVANCE OFFICER

That in compliance with the provisions of the Information Technology (Intermediaries Guidelines) Rules, 2011, specifically Rule 3 (11), according to which You or any victim who suffers as a result of access or usage of computer resource by any person in violation of Rule 3 of the Information Technology (Intermediaries Guidelines) Rules, 2011, can notify their complaints against such access or usage of computer resource to:

Name: K.L. ARUN
Contact Number: 098841 77799

If any complaint is received by the above mentioned officer, on their official address, addressed to them in their official capacity as a grievance officer with proper and accurate responding contact details, then an appropriate response shall be given to the complaining legal or natural person after a due inquiry in the matter of their complaint, within one month of the receipt of such a complaint. The Grievance officer shall Endeavour to resolve the issues raised before them by way of the afore mentioned reply, however, in case the resolution is beyond the control, means and resources available with Prime Forex or the concerned officer, then the officer or Prime Forex cannot be held liable for any damage or injury or any harm, whatsoever.