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Which Rates to Take

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(Querist)
04 March 2010 Dear Sirs,
We have purchase some rowmaterial from foreign. the supplier produce bill in $ and the bill date is 09.09.2009. We receive the R/M on 10.11.2009 at our stock yard in port. My question is we will take rate of forex of which date for bill registration in our book.
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DEEPIKA GOEL

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DEEPIKA GOEL (Expert)
04 March 2010 At the time of clearance from port of ship when the imported goods arrived, one document namely bill of entry is received for the goods imported. On this document,exchange rate and assessable value under the excise act are mentioned. At the time of booking you need to book the respective import at above mentioned exchange rate and if the payment is made at later date, you need to book the exchange fluctuation for the difference amount.
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Rahul Gupta

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Rahul Gupta (Expert)
05 March 2010 Agreed with the Expert.
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