Accounting of Import Consignment

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sanjeev (Querist)
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29 April 2010 We made a advance payment of EURO 1152 with exchange rate of Rs.62.72

The Bill of entry information as below:
1. IGM No-**** Dated 05.04.2010
2. Bill of entryn no-**** Dated 08.04.2010
3. Exchange rate on BOE- Rs.61.40

It is not cleared that which rate is applicable for booking of Purchase.

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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29 April 2010 AS PER MY KNOWLEDGE FOR PURCHASE ENTRY WE TAKE THE RATE OF EXCHANGE WHICH CHARGED BY BANK AT THE TIME OF REALISED BILL OF LANDING.

sanjeev

sanjeev (Querist)
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01 May 2010 It is not yet cleared that the exchange rate taken on the followings:
1. Date of Payment
2. Date of Bill of Entry
3. Date of IGM
4. Rate mentioned on Bill of Entry

Is there any notification of act for it ?

The above query for Import.

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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01 May 2010 I DON'T HAVE ANY NOTIFICATION FOR THAT, BUT ONE OF MY CLIENT TAKE RATE OF EXCHANGE FOR IMPORT CONSIGNMENT IS DATE OF PAYMENT

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