Import purchase ---forex rate

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Pankaj gharat (Querist)
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24 November 2012 my query is with regards to import purchases. Suppose the goods are loaded from USA on 1-1-2012 the same reaches mumbai customs on 10-1-2012 and the goods are recieved in our factory at gujarat on 30-1-2012. While booking the rate of Purchase in tally which forex rate should be considered. I guess, customs rate is only for the purpose of assessing the customs duty. PLEASE ASSIST AS TO WHICH RATE SHOULD BE CONSIDERED WHILE BOOKING THE PURCHASE IN ACCOUNTS

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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24 November 2012 AS-11 does not specify as which rate(RBI, customs rate) should be applied for recording foreign transaction.
However, It says that rate prevailing at the time of transaction is to be considered.The rate as per RBI on 30/01/2012 should be considered for better accounting

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