Live Course on Drafting of Appeal and Reply of Penalty Notice by CA Sachin Sinha. Register Now!!

Exchange rate

Sonu Kumar (Account Manager) (665 Points)

30 April 2012

Dear Friends

If we want to pay for Imported goods. how to Decide Exchange rate.......... it will be Current Exchange rate or Rate Which is Decide by Custom Department at the end of Each Month in its Notification....... Please clearify.

Thanks

Reply
Follow
Share

4 Replies

ashish gupta ( student) (1922 Points)
Replied 30 April 2012

you will have to pay at the current spot rate given by your banker.

RAMESH KUMAR VERMA ( CS PURSUING ) (43848 Points)
Replied 30 April 2012

NO, NO, MR ASHISH GUPTA, In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962),GOVERNMENT OF INDIA, MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS ISSUE THE NOTIFICATION .

REGARDS,

ashish gupta ( student) (1922 Points)
Replied 30 April 2012

I did not get it. can you please tell some more about it. I think Govt notifies rate only for the purpose of calculating the import-export value and the custom duty amount but the rate at which we pay to the creditor is the bank rate.

Please correct me if m wrong and tell in detail.