FCNR DEPOSIT INTEREST EARNED REPORTING IN ITR2

HOW TO DISCLOSE THE FCNR INTEREST INCOME IN USD & JPY IN EXEMPT INCOME SCHEDULE. WILL IT BE CONVERTED IN INR AT THE CLOSING CONVERSION RATE AS ON 31ST MAR 2025,IF YES WILL THE CONVERSION RATE BE SOURCED FROM RBI WEBSITE OR ANY OTHER WEBSITE. 

OR IS THERE ANY OTHER WAY TO DISCLOSE SUCH INCOME.

PLEASE GUIDE.

 

Replies (3)
Quick Summary
This discussion addresses how to report interest earned on FCNR deposits, specifically for USD and JPY, within the exempt income schedule of ITR2. It explores the correct method for converting foreign currency interest to INR, considering whether to use the closing conversion rate as of 31st March 2025, and where to source this rate (e.g., RBI website). The consensus leans towards using SBI TT rates or RBI rates for accurate disclosure.

Convert it as per SBI TT rates as on 31st March 2025.  (generaly available from Github web)

Appreciate your response i had done the conversion based on the av RBI rate from their portal and return has been filed.

Thanks

My pleasure.           

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