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Foreign Currency Exchange rate

This query is : Resolved 
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(Querist)
27 November 2007 Hi Dear,

If we have imported some goods and now we have to record it then what should be the rate of exchange (buying rate or selling rate)and what should be sound date to book in record
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R.V.RAO

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R.V.RAO (Expert)
27 November 2007 YOU HAVE NO INEPENDENT CHOICE HERE.
THE FOREIGN CURRENCY PAYMENTS MADE BY YOUR BANK ON THE DATE OF( NEGOTIATION) PAYMENTS WERE ALREADY RECORDED IN OFFICIAL RECORDS OF BANKS AND EXCISE OR CUSTOMS ( IF APPLICABLE).THAT RATE OF EXCHANGE IS TO BE TAKEN ON RECORD.
INFACT ALL SUCH DOCUMENTS FORM THE SUPPORTS TO YOUR TRANSACTIONS. YOU HAVE TO NECESSARILY FOLLOW THEM .
R.V.RAO
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