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Accounting for import purchases

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(Querist)
06 August 2008 At what forex rate the import purchase should be recorded:
1.Rate which prevails on the date of invoice.
2.Rate which prevails on the date of Bill of entry.
3.Rate which prevails on the date of receipt of goods.
4.Or any other rate?
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CA Nallathambi Srinivasan

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CA Nallathambi Srinivasan (Expert)
06 August 2008 Normally the Customs will declare the forex rate for every month and it is standard for the whole month. You can choose this one, bcoz it will match with the Bill of Entry.
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CA.Manish Jindal

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CA.Manish Jindal (Expert)
07 August 2008 Rate on the date of BoE
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