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CBEC Forex rate

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(Querist)
31 May 2016 Why does CBEC notifies both buying as well as selling rate. In case of selling rate logic is clear as invoice is in Forex and we need to convert it into INR, but what's about buying rate, why is it notified? It will be used in export but export invoice. already in INR...
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Ganeshbabu K

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Ganeshbabu K (Expert)
31 May 2016 Exchange rates given by customs are only to custom duty valuations , it has nothing to do with accounting purpose
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Shashikant

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Shashikant (Querist)
31 May 2016 yes Sir I agree But why we need buying rate in customs?
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Ganeshbabu K

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Ganeshbabu K (Expert)
04 June 2016 no need , some organisations recognise purchase transaction at BILL OF ENTRY exchange rate where as some follow rbi exchnge rate which is correct to do so
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