As-11

In a transaction where 14,992/- (USD) has been transferred to a singapore bank amounting to 20,000/- (SGD) ie. forex rate 1.33. Now, from 20,000/- (SGD) payment is being made for expenses done on different dates ( going beyond 1 month). Same exchange rate i.e. 1.33/- has been taken till Rs.20,000/- is being spent totally. Q- Is it a correct practice, as no forex gain/loss is being recorded.Please quote the relevant provisions.