Exchange Rates
This query is : Resolved
16 July 2009
I have a query regarding Recognistion Revenue and Exchange Rate to be taken in case of Export sale or Import.
1. What is Exchange Rate to be taken in case of Export sales i.e whether RBI Exchange Rate or Customs Exchange Rate for Recognising revenue ?
2. Whether two exchange rates can be followed I.e RBI and Customs
3.While recognising revenue customs rate is taken and when actual payment is received RBI Rate is taken. Is this correct method.?
Please suggest me the correct way of the representing the transaction.
1. What is Exchange Rate to be taken in case of Export sales i.e whether RBI Exchange Rate or Customs Exchange Rate for Recognising revenue ?
2. Whether two exchange rates can be followed I.e RBI and Customs
3.While recognising revenue customs rate is taken and when actual payment is received RBI Rate is taken. Is this correct method.?
Please suggest me the correct way of the representing the transaction.
22 July 2009
custom rate is nt right method u always go for actual rate
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- Dep. as per companies act
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Applicability of GST on Salary Reimbursement Component
- Tds on commission charges
- Minimum tax payable to file Updated return
- FAST-DS Scheme - Foreign Assets
- GST ISSUE OF INPUT AND OUTPUT GST
- New GST registration for new place of business.
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
22 September 2026
Account Assistant
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
ARTICLESHIP
21 September 2026
CA Article Assistant
KK & Company Chartered Accountant
Pune
CA Inter
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
Featured
12 September 2026
Assistant Manager - Finance & Compliance
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CCI
Pro
CAclubindia
