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Forex 19-20


Mohanraj J   05 April 2020

Mohanraj J

 23 likes  352 points

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Dear Friends,

We borrowed ECB loan USD 10 Million from our parent company in the FY year 18-19. That time INR value was Rs 68 per USD. Now, we need to revaluation the same loan amount with 31st Mar, INR value Rs 75.3859 Per USD? and book the differences value under FX Gain/ Lossess?.

avater

Monika Sarswat (study/Intern Trainee)     05 April 2020

Monika Sarswat
study/Intern Trainee 
 2 likes  14 points

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There is total loss of Rs. 73.859 million Fx loss due to fall in home currency value or we can say that , rise in foreign currency from 68$ to 75.3859 $. which is shown below -
(75.3859-68)*10 million $ =Rs. 73.859 million

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Mohanraj J   05 April 2020

Mohanraj J

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Ms. Monika, thank u so much for your kind assistance

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Monika Sarswat (study/Intern Trainee)     05 April 2020

Monika Sarswat
study/Intern Trainee 
 2 likes  14 points

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Your most welcome

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Mohanraj J   07 April 2020

Mohanraj J

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Dear Monika, Which rate we should consider for FX calculations. Company's internal rate or RBI reference rate?

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VIMAL DESAI   13 April 2020

VIMAL DESAI

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I don't understand answer, can you please in detail

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Mohanraj J   13 April 2020

Mohanraj J

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Dear Vimal Ji, we are Receiving Dr Note from our Parent Company of USD 1000. We need to account this Dr Note in our books. So, we have to convert USD to INR. For this conversion which USD rate can we consider? RBI reference rate or Group Companies are fixing one exchange rate for USD. Ex. RBI reference rate as at 31-3-20 is INR 75.3859 = 1 USD. Our Group companies Fixed Rate INR 74.7543 = 1 USD.


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