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Exchange Rates

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(Querist)
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.
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Prakash Jasani

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Prakash Jasani (Expert)
22 July 2009 custom rate is nt right method u always go for actual rate
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