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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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Qatar Riyal (QAR) - Currency of Qatar

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About Qatar Riyal (QAR)

Qatari Riyal is now the official currency of the State of Riyal, after replacing the Gulf Rupee. Qatari Riyal has been pegged against the US dollar since 1975 and it has maintained a peg of QR 3.64 per USD since 1980. The Qatari Government and the Central Bank of Qatar authorized this ‘peg’ officially in 2001. The Qatar currency is divided into 100 dirhams and is abbreviated as either QR (English) or ?.? (Arabic). Outside Qatar, this currency can be exchanged in countries of the Middle East.

Some facts that you ought to know about the QATAR currency:

    1. The short name for Qatar money is QR.
    2. Qatari coins used the most are 1 DIRHAM, 5 DIRHAMS, 10 DIRHAMS, 25 DIRHAMS, 50 DIRHAMS.
    3. The most frequently used banknotes are 1 RIYAL, 5 RIYALS, 10 RIYALS, 50 RIYALS, 100 RIYALS, 500 RIYALS
    4. Qatar Central Bank is the chief bank of Qatar and reserves the right to issue the currency of Qatar.

History of Qatari Riyal

The coast of the Arabian Peninsula is the home of one of the wealthiest countries in the world, Qatar. With a high exchange rate, the currency of Qatar enjoys a valuable position in the world economy as well. The currency of the Qatari Riyal, also known as the Rial is written as QAR or QR Under the Royal Decree of Qatar, the Qatari Riyal has been pegged to the US Dollar since 2001 at a fixed rate of 3.64 Riyal per US Dollar. Since Qatar is a leading oil-producing country in the world, the oil and natural gas exports of the country account for more than half of the total GDP of the country. The Qatar Central Bank is responsible for maintaining the monetary sector of the country.

Before Riyal became the monetary system of Qatar, the Gulf Rupee along with the Indian Rupee were in circulation in Dubai and Qatar and were linked to the Pound Sterling. However, India subverted its currency by approx 35% and this led to Dubai and Qatar dropping off Indian Rupee and switching to Saudi Riyal until a proper monetary system of their own was introduced. On 21st March 1966, Qatar-Dubai Currency Board. Soon, the board announced a new currency for Dubai and Qatar which was known as Qatar-Dubai-Riyal (QDR) in September 1966. At the gold par value of 0.186621, the value of the currency was set. When Dubai joined the United Arab Emirates, UAE, in 1971, the Qatar-Dubai Currency Board was relinquished under the Amiri Decree in 1973. Later on, QMA, Qatar Monetary Agency, was established and it continued administering the monetary flow of the country. At the same gold value, a new currency, Qatari Riyal was introduced in Qatar.

In 1975, Riyal was pegged to SDR (Special Drawing Rights) and also adopted US Dollar as an intervention currency in the later years. It revalued QR against Dollar several times. Finally, under the Royal Decree of 2001, Qatari Riyal was officially pegged to US dollars at a fixed rate of 3.64 QR per Dollar. The exchange rate band of QR/Dollar is 3.6385 to 3.6415. Qatar Central Bank issues both currency banknotes and coins. The denominations of banknotes are 1, 5, 10, 50, 100, and 500 Riyals and the coins come in denominations of 1, 5, 10, 25, and 50 Dirhams. One Riyal consists of 100 Dirhams. With all the monetary policies introduced by the country so far, the value of QR has remained high in the global market.

Factors Affecting the Exchange Rate of Qatari Riyal

The exchange rate of the Qatari Riyal obviously fluctuates to some extent since it is pegged to the US Dollar only and not to any other currency. Hence for countries other than the US, the rate of exchange for QR will be different and is mostly high. This is primarily because of the good economic profit made by the country in the global markets. The basis of the Qatari economic profit is its oil and natural gas production which is exported to various countries across the globe.

1. Oil and natural gas:

Around 85% of the total GDP of Qatar is accumulated from the export of oil and natural gas. The country is one of the hubs of natural gas and oil and since these are quite expensive and high in demand in the global market, the country makes huge profits. However, Qatar is working towards shifting to other means of international trade and diversifying its export and GDP contributors. Various countries are shifting to alternatives to oil which can impact the export and the relatable profit for oil-producing countries.

2. Others

QR is pegged to the US Dollar and so, the exchange rate of the US Dollar impacts the exchange rate of the Riyal. Apart from this, the commodity prices in the international market, interest and inflation rate of Qatar also affect the performance of the Qatari Riyal in the global market.

The fixed exchange rate, as followed by Qatar, offers several advantages for the country. It avoids the inflation rate to a great extent and brings more economic stability to the country. It creates a better condition for more foreign investments.

Quick Facts About Qatar Riyal (QAR)

Currency Name Qatar Riyal
Short Name (QAR)
Nicknames NA
Symbol (s)
Unit 1/100, dirham
Frequently Used Coins 1 dirham, 5 dirhams, 10 dirhams, 25 dirhams, 50 dirhams
Rarely Used Coins NA
Frequently Used Bank Notes 1 riyal, 5 riyals, 10 riyals, 50 riyals, 100 riyals, 500 riyals
Rarely Used Bank Notes NA
Central Bank, Name & Website Qatar Central Bank | www.qcb.gov.qa
Territories that use the currency as a part of their legal tender NA

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The Qatar Riyal Currency

The currency is in the subdivision of 100 dirhams. The rights to issue this currency lie within the authority of the Qatar Central Bank. The coins that are currently under circulation in Qatar are in the denominations of dirhams 1, 5, 10, 25 and 50.
Similarly, the bank notes that are currently under circulation in the country are in the denominations of riyals 1, 5, 10, 50, 100 and 500.

How to buy forex online?
To find the latest 1 INR to QAR rates and other exchange rates today, simply visit the Thomas Cook website. Thomas Cook is the most trusted money exchange provider in the country. Besides helping customers with the best Qatar Currency Rate, it also makes available the most exciting and value for money tour packages for travellers.

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Frequently Asked Questions

What is Qatar Riyal’s value?
Check out the current rates of Qatar Riyal on our live forex rate card available on the website. If you have any further doubts, please do not hesitate to contact our experts for assistance.
How much money would be enough for fortnight trip in Qatar?
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.
How much money can I carry in/out Qatar?
There no restriction per se to carry money in/out Qatar. However, do not carry any Israeli currency as it is prohibited in this part of the world
Should I exchange the riyal when I am Qatar or should I do it before I leave for the country?
Generally, it is advisable that you buy the foreign exchange before you land in your destination country as chances are that you might end up spending more on the fees unless you are carrying your currency in a forex card.
Which are the best currencies to carry in Qatar?
Whatever currency at hand, we suggest you change to Qatar Riyal for your convenience while you are travelling abroad.

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