As 11

dear jean

the rate on the date on which actual purchase was made.

cheers

ganesh agarwala

As per my knowledge First of all you just check when risk and reward associated with goods is transfered to us and when the liability of the party arises? the day when liability arises.... it should be the transaction date. 

say for example goods is dispatched by  A from japan to Mr. B in india and invoice for the same is raised dated 10th June 2012 however the the bill of ladding date is 15th june 2012. then you have to see whether risk of the goods is transfered to Mr. B on 10th itself or on 15th ?  

if the risk transfered as and when invoice generated then rate prevailing of 10th should be taken and in case two where  risk transfered on 15th then rate prevailing on 15th will be taken 

Hope it is cleared to you.

Regards

Madhusudan Kabra 

Originally posted by : Madhusudan Kabra
	As per my knowledge First of all you just check when risk and reward associated with goods is transfered to us and when the liability of the party arises? the day when liability arises.... it should be the transaction date.  say for example goods is dispatched by  A from japan to Mr. B in india and invoice for the same is raised dated 10th June 2012 however the the bill of ladding date is 15th june 2012. then you have to see whether risk of the goods is transfered to Mr. B on 10th itself or on 15th ?   if the risk transfered as and when invoice generated then rate prevailing of 10th should be taken and in case two where  risk transfered on 15th then rate prevailing on 15th will be taken    Hope it is cleared to you.   Regards Madhusudan Kabra

thanks madhusudan,

how can i verify on which date the risk and ownership has been transferred from  seller to buyer.

is there any standard rule?

regards

jean

Originally posted by : jean
	Originally posted by : Madhusudan Kabra As per my knowledge First of all you just check when risk and reward associated with goods is transfered to us and when the liability of the party arises? the day when liability arises.... it should be the transaction date.  say for example goods is dispatched by  A from japan to Mr. B in india and invoice for the same is raised dated 10th June 2012 however the the bill of ladding date is 15th june 2012. then you have to see whether risk of the goods is transfered to Mr. B on 10th itself or on 15th ?   if the risk transfered as and when invoice generated then rate prevailing of 10th should be taken and in case two where  risk transfered on 15th then rate prevailing on 15th will be taken    Hope it is cleared to you.   Regards Madhusudan Kabra    thanks madhusudan, how can i verify on which date the risk and ownership has been transferred from  seller to buyer. is there any standard rule? regards jean

The time at which contract for sale is executed and all the formalities related to sale are complete

1. You can inqire with the managment. 

2. Insurance documents can be good good proof of establishing the fact.   

3. Contact between the parties i.e. when the responsibility of seller come to an end.

Regards

Madhusudan Kabra 

There is a general practise in the industry to follow the invoice date but it is practically said tht the bill of lading should be taken for FOREX Calculation since it is the bill of lading date on which the risk of goods and ownership gets transferred but this may wary in case u have a different contract for transfer of risk n ownership with ur party...but the practise of following the date to be taken varies in the industry...!!!\

You can also use import export exchange rate given in https://cbec.gov.in/ website