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  • As per RBI norms, the GST is applicable as per travellers.
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  • You may block foreign currency by paying 2% of total transaction value. This blocked rate will be valid for 2 working days.
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    (i) Tax Collection at Source (TCS) at the rate of 0.5% or 5% as applicable will be levied under section 206C(1G)(b) of the Income Tax Act on remittance on account of Education purpose or Medical purpose, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
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    In the event of cancellation of services and refund of amount, Tax collected at source under section 206C(1G) of the Income Tax Act, 1961 shall not be refunded. The non-refunded TCS will be reflected in the 26AS of the payer for claiming Income Tax credit.
  • Disclaimer Note for TCS
    (i) Tax Collection at Source (TCS) at the rate of 0.5% or 5% as applicable will be levied under section 206C(1G)(b) of the Income Tax Act on remittance on account of Education purpose or Medical purpose, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
    (ii) Tax Collection at Source (TCS) at the rate of 20% will be levied under section 206C(1G)(b) of the Income Tax Act on all other remittances not covered in (i) above, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
    The TCS collected will be reflected in the 26AS of the payer for claiming Income Tax credit.
  • Disclaimer Note for non-refund of TCS
    In the event of cancellation of services and refund of amount, Tax collected at source under section 206C (1G) of the Income Tax Act, 1961 shall not be refunded. The non-refunded TCS will be reflected in the 26AS of the payer for claiming Income Tax credit.
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Japanese Yen (JPY) - Currency of Japan

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Buy, Sell or Transfer Japanese Yen (JPY) in India at the best exchange rates

About Japanese Yen (JPY)

After the USD and Euro, the Japanese Yen is the 3rd most traded currency in the foreign exchange market. It is the official currency of Japan and is used as a reserve currency ranked at number four. The Yen was officially adopted by the Meiji government with the “New Currency Act” of 1871. The subdivision of this Japan currency is in to 100 sen or 1000 rin. The issuance and circulation rights of the Yen lie under the authority of the Bank of Japan. The Japanese Yen might be the only currency that can float and it costs more to make one yen coin than it is actually worth. The weight of a Yen coin is equivalent to a gram.

Some facts that you ought to know about the japanese yen:

    1. The short name for Japan currency is JPY.
    2. ¥ is the symbol of the Yen.
    3. The most used Yen coins are 1 HOU, 2 HOU, 5 HOU, HK$1, HK$2, HK$5, HK$10.
    4. The most frequently used banknotes are ¥1000, ¥5000, ¥10000.
    5. The Bank of Japan is the chief bank of this region.

History of Japanese Yen

The Japanese yen, abbreviated as JPY, is Japan’s national currency and uses the official symbol ¥. After the US dollar and Euro, it is the world’s most traded and valued currency and is frequently used as a reserve currency. The word ‘yen’ means a round object. Coins of 1 yen, 5 yen, 10 yen, 50 yen, 100 yen, and 500 yen, that were launched in 1871 are still in use. The latest series of banknotes were issued in the year 2004 and consist of ¥1,000, ¥2,000, ¥5,000, and ¥10,000.

The origin of the yen can be dated back to the later part of the nineteenth century, as a part of the modernisation policy of the country's economy which was formed by the Meiji government. The Meiji asserted the adoption of a common currency globally and suspended the exchange of clan notes and paper money that were being used since the sixteenth century.

It was in 1882, that the Bank of Japan was founded to monopolise the supply of money. In the year 1897, Japan adopted the gold standard. The circulation of the sen and the rin also came to an end in 1953. It is the Bank of Japan that has the sole rights to issue coins as well as banknotes. The observation of every note has a picture of one of Japan’s very important cultural figures, for example, bacteriologist Hideyo Noguchi, author Murasaki Shikibu, educator Fukuzawa Yukichi, etc.

The Japanese government always concentrated on competitive exports aiming to keep a low rate of exchange for JPY through excess trade. However, in 1985, the Plaza Accord altered the situation for some time by increasing the exchange rate. From an average of 239 yen per US dollar to 128 yen in a span of 3 years. In the year 1995, the size of Japan’s GDP was almost similar to the United States, with a high rate of 80 yen to one US dollar.

BOJ, Bank of Japan, retains an almost zero interest rate regime as the government has historically maintained an uncompromising anti-inflation policy. In the year 2018, JPY was declared to be one of the top currencies globally, and it was speculated that it would soon surpass the US dollar.

Factors affecting the Japanese Yen

The Japanese economy is established on the production and export of electronic goods and automobiles. Over the years, there has been an increasing focus on hi-tech precision goods and robotics. In terms of GDP, Japan is the 3rd largest economy in the world, making the yen highly popular.

Similar to most currencies, there are a set of factors that affect the price of the Japanese yen. Interest rate parity, purchasing power parity, the balance of payments, and the Fisher effect are some important theories that affect foreign exchange rates. Let us take a look at some of the other important factors affecting the Japanese Yen:

1. The Tankan Survey:

An economic report, the Tankan Survey is published by the Central Bank of Japan. The report covers numerous companies that either have a defined minimum capital amount or are highly influential. These companies are questioned about the ongoing trends of their businesses. The survey also asked them to submit their proposed business for the upcoming quarter/ year. The Tankan Survey is considered to be a key indicator that is released before the GDP data.

2. Japan’s economic status:

In the past thirty years, Japan’s economy has not experienced a lot of growth. Just like many other countries, it owes a considerable debt. With a high level of debt, traders feel more comfortable with Japan’s debt balance. Experts believe the weak yen captures the financial situation of the country. It should also be noted that Japan has one of the lowest birth rates the world over, along with a significant percentage of adults/ older adults.

3. Bank of Japan:

Ever since the country’s property bubble collapsed, BOJ has maintained low rates. Through currency intervention, the bank has been selling the yen in order to make exports all the more competitive. The country’s trade balance also affects the bank’s policies and forex rates.

4. Carry Trades:

A trading technique, Carry Trade includes borrowing in a low-interest currency to invest in a high-interest currency, to achieve a more increased rate of return. As the interest rates of the BOJ are low, the yen becomes a lucrative currency to buy currencies from other nations which pay a comparatively higher rate of interest. This further boosts investors to liquidate the yen positions in favour of other acquisitions/ assets.

Quick Facts About Japanese Yen (JPY)

Currency Name Japanese Yen
Short Name JPY
Nicknames N.A
Symbol (s) ¥
Unit 1/100, sen
Frequently Used Coins 1 hou, 2 hou, 5 hou, HK$1, HK$2, HK$5, HK$10
Rarely Used Coins N.A
Frequently Used Bank Notes ¥1000, ¥5000, ¥10000
Rarely Used Bank Notes N.A
Central Bank, Name & Website Bank of Japan | www.boj.or.jp
Territories that unofficially use the Japanese Yen as a part of their legal tender NA

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The Japanese Yen Currency

The subdivision of the Japanese currency is in to 100 sen or 1000 rin. However, the smallest denominations that are under circulation are the 1 yen coins. The currency issuance and circulation rights lie under the authority of the Bank of Japan. Under circulation, currently the bank notes are denominated in yen 1000, 2000, 5000 and 10,000.
Similarly, for the coins the denominations in circulation are yen 1, 5, 10, 50, 100, 500. Coins in Japan were introduced in the year 1870, and the banks notes were introduced 2 years later in 1872.

How to find best exchange rate online?
To find the latest 1 INR toJPY rates/ Japanese Yen rate, visit our Thomas Cook website. Thomas Cook is the most reliable and recommended money converter in India. It also provides travellers with the most value for money, customized tour package.

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Frequently Asked Questions

Should I change the Japanese Yen here or is it better to go there, and do it?
We suggest you do it here before you leave for the trip. Exchanging currency there will simply give you very poor exchange rates. For more queries, you may get in touch with our experts.
I have heard that Japan is quite expensive. How much should be enough to exchange to survive through the trip?
This is completely dependent on the nature of your trip, and your personal preferences. If you are confused about the expenses that you might have to incur while you are on the trip, then please contact our team of experts and they will guide you with the proceedings.
Is there any specific limit to carry Japanese Yen if I am travelling to Japan?
You may carry up to Yen 10,00,000, or foreign currency equivalent, in and out of Japan. However, in case the amount you are carrying exceeds the given limit, then you must declare the same.
Is US dollar accepted in Japan?
Japan does not generally accept foreign currencies, you might have a hard time if you are not using their currency. The only place where the dollar could be accepted is the places outside major airports.
If I use a Forex card in Japan is that OK? Is it generally accepted?
Yes, you can certainly use your forex card as long as the Visa/Mastercard is accepted. While Japan’s payment system is more dependent on the local card makers, chances are that some vendors and teller machines might not accept the visa/mastercard cards or any other international cards, which have been issued outside of Japan.

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