Yesterday I received USD 1550 against the export sales made 15 days ago.
What will the Exchange Rate for the same, so I can enter the same in books
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Exchange Rate for Export Proceeds
Replies (2)
follow Customs Exchange Rates notification;
https://www.cbic.gov.in/Exchange-Rate-Notifications
use latest one applicable to your transaction period.
ex:Exchange Rates Notification No.40/2019-Custom(NT) dated 06.06.2019. [Effective from 07th June, 2019]
You may book export entry considering Bank Exchange rate as on the date of Bill of Lading.When the actual remittance comes from the buyer or buyer bank you may consider hoghr or lower then the exchange rate at which entry was made as gain or loss.
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