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Foreign exchange transactions

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(Querist)
07 November 2008 Whether travelling expenses, hotel expenses & other expenses incurred in foreign currency will be recorded at the rate of purchase of foreign currency or will be recorded on the date of transaction. Consequently how the effect of foreign exchange gain/loss will be recorded
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
07 November 2008 Actual cost at the date of purchase of currency. Therefore there is no question of exchange loss or gain.
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