Summary: EbixCash World Money Limited, formerly Centrum Direct Limited, is the exact legal entity identified on the provider’s customer-contact page for its foreign-exchange and remittance services. The Reserve Bank of India’s current Authorised Dealer Category-II directory links to the Mumbai regional list, while the provider identifies itself as an RBI AD-II. That status permits specified foreign-exchange and remittance activity under FEMA and RBI directions; it does not authorise unlisted leveraged forex, contracts for difference or unrestricted overseas margin funding. The available consumer services include buying and selling eligible foreign currency, prepaid travel-card activity and outward remittance for documented permitted purposes such as education, medical treatment, travel and maintenance of relatives. Customers must establish identity, residence, purpose and source of funds, and transaction documents vary by use. Exchange rates, spread, card charges, delivery fees, correspondent or beneficiary-bank deductions and taxes must be confirmed in the transaction quote. LRS remittances can attract TCS above the statutory threshold, while GST applies to the taxable money-changing service value. This factual profile explains the process, settlement, refund and complaint routes without endorsing the provider or comparing it with competitors.
- The Contracting Entity and the RBI Authorisation Boundary
- Authorised Person Does Not Mean Every Forex Product
- Customer Services and the Purpose Test
- Resident Individuals and LRS
- Travellers, Students, Families and Businesses
- KYC, Source of Funds and Transaction Documents
- Check the Entity on Every Receipt
- Rates, Spreads, Fees and Tax Should Be Read Separately
- Documented Charges Versus Quote-Dependent Costs
- GST Applies to the Service Value, Not Automatically to All Currency
- LRS TCS From 1 April 2026
- Booking, Settlement, Cancellation and Refund Flow
- Published Timing Is a Service Target, Not an Absolute Promise
- Failed Transactions and Reversals
- Complaints and Escalation
- Service Limits That Should Remain Explicit
- Frequently Asked Questions
- 1. What is the exact company covered by this profile?
- 2. What does RBI AD Category-II status permit?
- 3. Can an Indian resident use this service for an overseas CFD or margin account?
- 4. Which documents are normally needed for travel forex?
- 5. Are EbixCash exchange rates and fees fixed for every customer?
- 6. How is TCS applied to an LRS remittance in 2026-27?
- 7. Does the provider guarantee same-day beneficiary credit?
- 8. Where can a customer escalate an unresolved complaint?
- Key Takeaways
- Source Links
The Contracting Entity and the RBI Authorisation Boundary
The customer-facing legal entity for the covered forex business is EbixCash World Money Limited. Its official contact page describes it as the erstwhile Centrum Direct Limited and gives its Mumbai address at Manek Plaza, Kalina. This entity should not be confused with Ebix Payment Services Private Limited, which appears separately in RBI payment-system records for prepaid payment instruments and operates other EbixCash-branded services. A customer should check the name printed on the application, invoice, card terms and remittance receipt because group branding alone does not identify the regulated counterparty.
RBI’s website maintains a directory titled List of Authorised Dealers Category-II and provides a Mumbai regional file for the entities supervised from that office. EbixCash World Money’s official materials state that the company holds an AD Category-II authorisation. In July 2026 the company announced a perpetual AD-II licence with an expanded permitted-remittance scope. The defensible conclusion is limited: the company is an authorised person for the activities and conditions within its licence and current RBI directions. The licence is not a general banking licence and is not permission to offer every product that uses the words forex, currency or international payment.
| Identity or status | Verified point | What it does not prove |
|---|---|---|
| EbixCash World Money Limited | Named forex and remittance entity; formerly Centrum Direct Limited | That every EbixCash-branded product has the same issuer |
| RBI AD Category-II | Specified foreign-exchange and remittance activity under FEMA directions | Permission for offshore CFDs, binary options or unrestricted margin funding |
| Ebix Payment Services Pvt. Ltd. | Separate group entity shown in RBI PPI records | That its PPI authorisation is the AD-II authorisation |
| Digital or referral partner | May collect information or route a service request | That the partner independently executes the foreign-exchange transaction |
| AD Category-I bank | May provide settlement, card or correspondent infrastructure | That the customer contract is necessarily with the bank |
Authorised Person Does Not Mean Every Forex Product
AD-II entities may deal in foreign exchange for specified current-account and other permitted transactions. RBI’s money-changing directions also distinguish AD Category-I banks, AD-II entities, full-fledged money changers and franchisees. A franchisee’s permitted role can be narrower than the principal’s role. Customers using a branch, airport counter, app or partner site should therefore identify which entity is accepting the instruction, which entity issues any card, and which bank or correspondent settles the payment.
The covered offering is travel money and permitted remittance, not speculative leveraged currency trading. An RBI AD-II authorisation does not by itself permit the company to sell overseas spot-margin accounts, CFDs or options to Indian residents. LRS must not be described as a route for remitting overseas margin or meeting margin calls. Anyone presented with such a product should stop and verify the venue, instrument, counterparty and RBI permission independently.
Customer Services and the Purpose Test
The provider’s current service pages describe foreign-currency notes, prepaid forex or travel cards, buying back unused currency and outward money transfer. They also list student remittances and other documented purposes such as medical treatment, travel, maintenance of close relatives, conference or training fees, visa and registration fees, employment or emigration expenses and certain business-related payments. Availability still depends on FEMA, the exact purpose code, customer status, sanctions screening, documentary proof, corridor, currency and transaction limit.
Resident Individuals and LRS
A resident individual can use the Liberalised Remittance Scheme up to the prevailing annual limit for permitted current- or capital-account transactions. The provider’s pages state the current headline limit as USD 250,000 per financial year, but that figure is an overall ceiling rather than an automatic entitlement. Prohibited purposes, sector-specific rules, prior-approval cases, aggregate use through other authorised dealers and documentation can reduce or prevent the requested remittance. A declaration must account for earlier LRS utilisation in the same financial year.
Travellers, Students, Families and Businesses
A traveller can buy eligible currency notes or load a travel card for a documented trip, subject to current cash, card and aggregate limits. A student or parent may remit tuition or living expenses against an admission letter, invoice or other university evidence. Medical remittance requires the treatment or hospital documentation relevant to the transaction. Maintenance remittance requires the beneficiary relationship and purpose. A business remittance needs the underlying contract, invoice, import or service evidence, tax documentation and permitted purpose code. The July 2026 licence announcement refers to expanded trade and family-remittance capability, but each transaction still requires purpose-specific review; a company should not rely on a retail FAQ for an import or export payment.
| Service | Typical user or purpose | Evidence normally considered |
|---|---|---|
| Foreign currency notes | Resident traveller with an eligible trip | Passport, visa where applicable, PAN, ticket and source of funds |
| Prepaid travel card | Traveller or student spending abroad | KYC, travel or education evidence, application and issuer terms |
| Outward education remittance | Student tuition or living expenses | Admission letter, fee demand, beneficiary bank and LRS declaration |
| Medical or family remittance | Treatment or maintenance of relatives | Purpose proof, relationship or hospital evidence and beneficiary details |
| Permitted business payment | Eligible trade or service obligation | Invoice, contract, purpose code, tax forms and regulatory documents |
| Buyback | Return of unused eligible foreign currency | Identity, original transaction evidence where required and currency inspection |
KYC, Source of Funds and Transaction Documents
The provider’s service FAQ lists a valid Indian passport, destination visa and PAN for buying foreign exchange, with a confirmed air ticket for travel and Aadhaar in some verification cases. These are a baseline, not a complete list for every service. The authorised person must also identify the customer, beneficial owner where relevant, purpose, source of funds, beneficiary and sanctions or anti-money-laundering concerns. A corporate instruction can require constitutional documents, board authority, beneficial-ownership records and proof of the underlying obligation.
For an outward remittance, the customer should expect Form A2 or the authorised electronic equivalent, an LRS declaration if the transaction uses LRS, beneficiary name and address, bank and routing details, purpose code, tax information and the underlying invoice or demand. Incomplete or inconsistent names, expired documents, unexplained third-party payments, unsupported purpose, exhausted LRS capacity or compliance alerts can delay or stop processing. Submitting documents does not create a right to execution.
Check the Entity on Every Receipt
The quote, application, payment instruction and final advice should consistently identify the counterparty and transaction reference. Where an online marketplace or digital partner originates the request, the customer should distinguish the interface from the authorised entity that executes the exchange or remittance. For travel cards, the issuing entity and settlement bank should be confirmed from the cardholder agreement. This separation determines who holds money, who handles a reversal and where a complaint must be escalated.
Rates, Spreads, Fees and Tax Should Be Read Separately
A foreign-exchange quote is time-sensitive. The customer pays or receives a rate that can incorporate the provider’s spread relative to a reference or wholesale market. The website offers an estimate and states that a booked rate can be locked under stated payment conditions. That does not make the rate universal across branches, currencies, denominations, delivery methods or transaction times. A partial-payment booking can also expire or change if its conditions are not met.
Documented Charges Versus Quote-Dependent Costs
The provider FAQ states that EbixCash World Money does not levy wire-transfer charges beyond those displayed, while advising customers to check whether the beneficiary bank charges separately. Door-delivery charges and availability are expressly quote-dependent. Card issuance, reload, ATM, cross-currency, replacement, inactivity or cash-out charges depend on the current card terms and issuer schedule. The prudent comparison is the final INR paid, foreign currency delivered, all provider charges, taxes and possible overseas deductions—not the headline exchange rate alone.
| Cost component | How it arises | What the customer should obtain |
|---|---|---|
| Exchange-rate spread | Difference between customer quote and reference or interbank rate | Time-stamped buy or sell quote and currency units |
| Service or card fee | Remittance, issue, reload, ATM or other service event | Current fee schedule and tax invoice |
| Delivery fee | Doorstep delivery or pickup where available | City-specific charge and delivery conditions |
| Correspondent or beneficiary fee | Overseas intermediary or receiving-bank deduction | Charging option and expected amount received |
| GST | Tax on the valued money-changing or related service | Taxable value, GST rate and invoice |
| TCS | Income-tax collection on qualifying LRS remittance | Purpose, threshold computation, PAN and tax-credit evidence |
GST Applies to the Service Value, Not Automatically to All Currency
CBIC’s valuation rule for money changing first measures the difference between the customer rate and the RBI reference rate multiplied by the currency units. If the reference rate is unavailable, it provides a gross-amount method. The supplier may instead choose the prescribed slab-based deemed value for the financial year. GST is charged on the resulting taxable service value at the applicable rate, not simply described as tax on the entire foreign-currency principal. The actual invoice should show the method and amount used.
LRS TCS From 1 April 2026
Section 394 of the Income-tax Act, 2025, as amended by the Finance Act, 2026, requires an authorised dealer to collect tax when aggregate LRS remittances exceed ₹10 lakh in the tax year. The current statutory table states 2% for education or medical treatment and 20% for other purposes, applied under the section’s threshold mechanics. No collection is made for an education remittance funded by a qualifying loan from the specified financial institution. TCS is a tax credit, not an additional foreign-exchange entitlement or the customer’s final income-tax liability. The dealer needs PAN and aggregate-use information, and the customer should reconcile the credit with the tax statement.
Booking, Settlement, Cancellation and Refund Flow
A typical transaction begins with service and purpose selection, an indicative quote, document upload or branch verification, final compliance approval and payment from an acceptable source. Currency notes are delivered or collected under the booked conditions. A travel card is issued or loaded under the issuer terms. For outward remittance, the authorised entity converts funds, creates the cross-border instruction and provides a reference or advice. Beneficiary credit still depends on cut-off time, working days, correspondent processing, beneficiary-bank checks and accurate account details.
Published Timing Is a Service Target, Not an Absolute Promise
The current provider FAQ says outward remittances initiated before 2:00 PM IST on a working day are processed the same day, while timing can vary by destination. Processing is not the same as final beneficiary credit. Currency availability, documentation defects, enhanced due diligence, holidays, bank queries, sanctions screening or rejected beneficiary details can extend the time. Customers should obtain the cut-off, expected value date and tracking reference for their corridor.
Failed Transactions and Reversals
A failed or cancelled transaction must be traced to the entity holding the funds. A reversal can use the prevailing buyback or cancellation terms rather than the original customer rate, and bank or correspondent charges may not be recoverable. Card encashment, lost-card replacement and unused-balance refund follow the card agreement. The customer should retain the booking confirmation, payment proof, cancellation instruction, final advice and refund calculation. A refund should not be promised as instantaneous merely because an interface shows a failed status.
Complaints and Escalation
The official grievance page asks customers to quote the transaction reference, service type and contact details. It gives [email protected] and the published helpline for initial complaints. Separate escalation addresses are shown for forex-card and remittance matters. The page says complaints are acknowledged within three working days and targeted for resolution within 30 days. Rejected or partly accepted complaints can be reviewed by an Internal Ombudsman where applicable.
If the company does not respond within 30 days or the customer is dissatisfied with the final response, the grievance page points to the RBI Complaint Management System under the Integrated Ombudsman framework. The complaint record should include the legal entity, branch or digital channel, transaction reference, date, amount, currency, quoted and applied rate, fees, documents, beneficiary status and prior correspondence. A dispute with a card issuer or partner may require parallel escalation to the entity named in that product’s terms.
Service Limits That Should Remain Explicit
- AD-II status is activity-specific and does not turn EbixCash World Money into a universal bank or an overseas leveraged-forex broker.
- LRS is restricted to resident individuals and permitted purposes; it is not permission for overseas margin or margin-call remittances.
- A quote can change until the stated rate-lock conditions are satisfied, and overseas banks can make separate deductions.
- Travel cards have issuer, network, ATM, merchant, currency-conversion, loss, replacement and refund terms distinct from currency notes.
- Submission of KYC documents does not override purpose restrictions, sanctions controls, limits or the authorised person’s compliance decision.
- RBI authorisation does not guarantee the provider’s exchange rate, service time, financial condition or outcome in a particular complaint.
Frequently Asked Questions
1. What is the exact company covered by this profile?
EbixCash World Money Limited, identified by the provider as the erstwhile Centrum Direct Limited. Other EbixCash group entities and partners can have different licences and roles.
2. What does RBI AD Category-II status permit?
It permits specified foreign-exchange and remittance activities within the company’s licence and RBI directions. It is not permission for every forex product.
3. Can an Indian resident use this service for an overseas CFD or margin account?
This profile does not establish any such permission. LRS must not be treated as permitting overseas margin or margin-call remittances.
4. Which documents are normally needed for travel forex?
The provider lists passport, visa where applicable, PAN and confirmed travel evidence, with additional identity or purpose documents depending on the case.
5. Are EbixCash exchange rates and fees fixed for every customer?
No. Rates are quote- and time-dependent. Delivery, card, correspondent and beneficiary-bank costs can vary, so the final transaction quote and schedule control.
6. How is TCS applied to an LRS remittance in 2026-27?
Section 394 uses a ₹10 lakh aggregate threshold and currently states 2% for education or medical treatment and 20% for other purposes, subject to its exceptions and mechanics.
7. Does the provider guarantee same-day beneficiary credit?
No. The FAQ states a same-day processing target for eligible outward remittances initiated before its working-day cut-off, but destination banks and compliance checks affect credit timing.
8. Where can a customer escalate an unresolved complaint?
Use the provider’s service-specific escalation route first. If no response is received within 30 days or the final response is unsatisfactory, the provider points to RBI’s Complaint Management System.
Key Takeaways
- The covered contracting entity is EbixCash World Money Limited, not every company using the EbixCash brand.
- RBI AD-II status supports specified money-changing and remittance services, not offshore leveraged forex or unrestricted margin funding.
- Purpose, residence, aggregate LRS use, source of funds and transaction documents determine eligibility.
- The final cost combines the live exchange quote, provider and card charges, overseas deductions, GST and any applicable TCS.
- Settlement and refund rights follow the product terms; unresolved complaints can proceed through the provider’s escalation and RBI CMS routes.
Source Links
- RBI directory of Authorised Dealers Category-II: https://m.rbi.org.in/scripts/CategoryII.aspx
- RBI Mumbai regional AD-II list: https://rbidocs.rbi.org.in/rdocs/FEMAMASTER/PDFs/10009.PDF
- RBI money-changing activities explanation: https://www.rbi.org.in/commonman/english/scripts/Notification.aspx?Id=727
- RBI Master Direction on money-changing activities: https://m.rbi.org.in/scripts/BS_ViewMasDirections.aspx?id=11518
- RBI Master Direction on other remittance facilities: https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10193
- EbixCash World Money services and KYC FAQ: https://ebixcashworldmoney.com/services.html?tab=buy-currency
- EbixCash World Money detailed FAQ: https://www.ebixcashworldmoney.com/faq.html
- EbixCash World Money grievance redressal: https://www.ebixcashworldmoney.com/redressal.html
- Income-tax Act 2025 section 394: https://www.incometaxindia.gov.in/w/section-394-6
- CBIC money-changing valuation rule: https://cbic-gst.gov.in/valuation-rules.html
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Disclaimer: TaxGuru accepts no responsibility for any loss, exchange-rate movement, delayed or failed remittance, card problem, beneficiary-bank deduction, rejected document, refund dispute, TCS or GST amount, tax-credit mismatch, FEMA breach, penalty, complaint outcome or decision arising from reliance on this article or its source links. This material is a general factual profile of EbixCash World Money Limited and selected Indian foreign-exchange, remittance and tax rules as checked on 21 October 2026. It is not an endorsement, ranking or statement that the provider is best, safest or cheapest, and it is not legal, tax, accounting, investment, travel, banking or foreign-exchange advice. RBI authorisation is limited by the licence, FEMA, directions, purpose codes, customer status, documents, limits and transaction facts; it does not guarantee the company’s solvency, exchange rate, service time, refund, card performance or customer outcome. Product availability, legal entity roles, partner arrangements, rates, spreads, fees, correspondent deductions, card terms, KYC requirements, cut-offs, TCS rates, GST valuation and grievance contacts can change. Readers must verify the exact contracting and issuing entities, live RBI records, current terms, final quote and invoice before paying. LRS is not blanket permission for prohibited transactions, overseas leveraged forex, CFDs or margin and margin-call remittances. Individual consequences depend on residence under FEMA and tax law, aggregate prior remittances, purpose, source of funds, beneficiary, tax year, PAN, education-loan facts and supporting documents. Businesses require additional analysis of trade documents, tax forms and sectoral rules. Readers should use only verified channels, preserve complete records and obtain advice from appropriately qualified legal, tax and foreign-exchange professionals for their own circumstances.
