Import transaction

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 May 2014 AS 11 has not specified that which rate should be taken for recording an import transaction.Should we take the RBI rate or rate given by CBEC?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
10 May 2014 it is to be taken at rates by CBEC refer rule 10 under valuation rules for import.
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 May 2014 What if the Company is using RBI rate to book import transaction?Is it wrong?Should the policy be changed?
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Querist : Anonymous

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Querist : Anonymous (Querist)
12 May 2014 What if the Company is using RBI rate to book import transaction?Is it wrong?Should the policy be changed?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
15 May 2014 then it is not as per AS 11 accounting.
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