I have a query regarding exchange rate to be applied for calculation of export obligation in USD (as per SB). Do we have to apply exchange rate prevailing on the day of SB filing or shall we apply exchange rate as per licence.
My understanding after reading attached POLICY CIRCULAR NO. 8(RE-98)/98-99 dt.:28.05.98 of DGFT, we shall take exchange rate as per EPCG licence for calculation of export obligation in USD and no need to apply exchange rate prevailing on the day of SB filing.
Is that correct? what is the practice followed in the trade?
CAclubindia
