Determination of exchange rate


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Querist : Anonymous

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Querist : Anonymous (Querist)
12 April 2012 If i am doing export sale then at what rate should i account the entry in my accounts books. Is it as the RBI prevailing rate or at the rate prevailing at the custom department when proper officer orders clearance of goods.

13 April 2012 Noted Please that CBEC determines the import and exchange rate .

for more info please read link:

https://www.cbec.gov.in/customs/cs-act/notifications/notfns-2012/cs-nt2012/csnt26-2012.htm


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Querist : Anonymous

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Querist : Anonymous (Querist)
13 April 2012 ya when the custom officer orders the clearance of goods,the rate prevailing on that day as per RBI shall be taken. But i have seen in some companies that they take the rate as per custom rules. So i wanted to be sure at what rate should i account in my books of accounts.

13 April 2012 please read the above said reply any query.

14 April 2012 The expert has given you to the point reply and does not require any second opinion. I agree with him.

14 April 2012 thanks sir...

regards,


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