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As-11
In a transaction where 14,992/- (USD) has been transferred to a singapore bank amounting to 20,000/- (SGD) ie. forex rate 1.33.
Now, from 20,000/- (SGD) payment is being made for expenses done on different dates ( going beyond 1 month). Same exchange rate i.e. 1.33/- has been taken till Rs.20,000/- is being spent totally.
Q- Is it a correct practice, as no forex gain/loss is being recorded.Please quote the relevant provisions.
Replies (1)
For P&L items, rate of transaction need to be applied. however, for convinence we can take avg. rate of week / fortnight / month as per practical difficulties.
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