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Usd transaction

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This query is : Resolved

AMIT NATH (Querist)
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12 November 2011 SIRS,
A party has been paid in advance USD 25,000 ON 04.10.2011 AND ANOTHER USD 15,000 ON 21.10.2011 AGAINST PROFORMA INVOICE. LATER PARTY ISSUED ACTUAL INVOICE. ALL PAYMENT MADE FROM BANK'S DOLLAR ACCOUNT. NOW I AM CONFUSED HOW TO MAKE THESE ENTRIES IN INR CURRENCY AS NO EXCHANGE RATE IS AVAILABLE IN THE STATEMENT SENT BY BANK. PLZ GIVE SOME USEFULSUGGESTIONS.I HAVE JOINED THESE CLUB VERY RECENTLY.

Vishal D Shah

Vishal D Shah (Expert)
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13 November 2011 Record on buying rate on date of transaction.

CA Deepak S

CA Deepak S (Expert)
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18 November 2011 You may ask your banker for the exchange rate at the time of transaction. You will get the exchange rate from RBI Website.

go to RBI website www.rbi.org.in and click on Archives or use the following link
https://www.rbi.org.in/scripts/ReferenceRateArchive.aspx

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