Forex rate diff

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Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2011 To,

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we have imported matrial against LC on 60 days credit and booked purchase as per the forex rate as per bill of entry, now payment made against LC., but there is difference in forex rate as per bill of entry and actual payment.

Now my question is wheter to show that differecne.

Regards

Girish

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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29 December 2011 actually, In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession . the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency.

yes, you are right difference will be mandatory due fluctuation in exchange rate of import.

in this case, you mentioned all the entry as per AS-II

FOR MORE INFORMATION LINK IS:

https://www.mca.gov.in/Ministry/notification/pdf/AS_11.pdf

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RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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29 December 2011 THANKYOU IN PARTICIPATE IN CA CLUB INDIA

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