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Foreign exchange rate

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suma bhat

article assistant

32 Points Posted on 11 November 2020

for accounting purpose of import, rate of foreign exchange is RBI reference rate on the date of bill of entry right?please correct me if I am wrong

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Quick Summary

This discussion clarifies which foreign exchange rate to use for import accounting. While the bill of entry mentions an exchange rate for accounting, it's important to determine if the RBI reference rate or the CBIC reference rate on the date of the bill of entry is the correct one according to AS 11.

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The exchange rate is mentioned on the bill of entry. This rate is used for accounting.