Foreign exchange rate
This query is : Resolved
19 August 2011
exchange rate of which date is more preferable for booking Export Sales of Goods
1) Date of Bill of Lading
2) Invoicing Date
3) Any other Date
Pl. also referred link or Source from where we get information related to export
1) Date of Bill of Lading
2) Invoicing Date
3) Any other Date
Pl. also referred link or Source from where we get information related to export
20 August 2011
The rate applied varies from entity to entity, depending upon their policy. However, generally it should be the rate prevalent at the time when risk & reward related to goods have passed to the buyer as per contract.
If the contract is silent as to the passing of risk, then following rule should be applied:
1. FoB sales - Dt of Bill of Lading would be date of passing risk. Hence rate at that date should be applied.
2. CIF sales - When revenue os recognised generally Invoice date (please check)
Refer http://www2.miq.com/cms/resource_library/files/7f52c8f0b02d4aff/incoterms_2010.pdf
If the contract is silent as to the passing of risk, then following rule should be applied:
1. FoB sales - Dt of Bill of Lading would be date of passing risk. Hence rate at that date should be applied.
2. CIF sales - When revenue os recognised generally Invoice date (please check)
Refer http://www2.miq.com/cms/resource_library/files/7f52c8f0b02d4aff/incoterms_2010.pdf
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