SBI TT Buying and selling rate as on 31.03.2020

Please share if you have received the TT rate

You can find it on https://mksco.in/forexrate

SBI rates are available from 01 January 2020 onwards there. You have to use the rate on the second page of the rate card

Sir. Thank you so much , I assume the rates shown was from SBI  as per rule required in converting foreign income to indian rupees.

Wonder why SBI are not making the buying TT exchange rate available in their web site.RBI should also have the rates available on line. Other countries in the west all have them. 

K. Singh 

Dear Kammy Singh,

Yes, where the rate card is from SBI and you use the rates given on page 2 of the rate card, this will comply with Rule 26 of the Income Tax Rules.

Please be mindful of two factors:

1. That where SBI rate card is provided at https://mksco.in/forexrate, use the reference rates provided on page 2 of the rate card

2. On some days when SBI does not post the rate card, we are providing rates from Bank of India as a substitute. While this does not strictly comply with Rule 26 of IT Rules, this is the next best solution. We expect that there will be no material variation on account of using BoI rates as a substitute where SBI rates are not available.

We also are unable to fathom why SBI is not providing an archive facility for their forex rate cards. It is only to fill in this gap that we have started capturing and posting SBI's rate cards.

Best wishes

Maneesh Thanks very much for maintaining this data and sharing it. You have the blessings of all of us. One question . Why do we use the reference rate in page 2 and not 1 . It is for higher than Rs 10 Lakhs transaction and higher by 35 paisa. Just for my knowledge

Dear Sach,

Thank you for your appreciation, it is exactly the reason that keeps us motivated to maintain this archive.

The rates on the second page are headed as

"CARD RATES FOR TRANSACTIONS BETWEEN Rs. 10 LACS AND Rs. 20 LACS.(To be used as reference rates"

[Emphasis added]

The rates provided on page 1 are presumably not to be used as reference rates since there is no similar header on page 1 rates.

Rule 26 of the Income-tax Rules provides for using SBI TT buying rate (as a reference rate) for conversion instead of using the actual rate. Which is why we recommend you use the reference rates provided on page 2

Thanks for the detailed explanation. Got it

Dear Ajnas, you should be looking at GAAP rates for preparing your accounts instead of SBI TT rates. SBI TT rates are prescribed only for income-tax purposes.

The link to the SBI site is https://bank.sbi/. You will find a link to SBI TT rates at the bottom of the page. Do remember that the link only shows the latest rates and you cannot get historical rates from this link.

Dear Maneesh,

I was making my return for this year and again remembered you as I needed these rates and you are sole source. Thanks once again for continuing to do this.

My use is for buying, selling and holding US Shares and income by way of dividend and interest. Interestingly I was not able to find anything on the net on the USD/INR rate to be taken for this purpose and for calculating Capita gains thus am hoping one of you can help ? 

This is what I was planning to do for IT Purposes:

1. For Purchase of shares take the TT Buying Rate (page 2 as Maneesh has explained)

2. For Sale , Dividend and interest take the TT Selling rate

3. For Holding take the Original rate in books ? and not revalue as its unrealised gain.

Would appreciate your guidance/inputs.

Regards

Sach

It seems that Maneesh has stopped maintaining the SBI reference rate and thus one had to look for different sources and finally I found one which you may like to use. 

This has been set up by Sahil Gupta and is also available on Github. The best way to go to this is via his blog 

https://www.sahil-gupta.in/posts/historical-sbi-forex-rates/

He has links to an excel sheet that has this as well as  pdf of the rate circulars since 1st April 2020.

This is one of the best I have found  as the Github has a query by date which makes the job super easy. Have a look and let me know your thoughts. Kudos to Sahil. This is free but I think we need to encourage people like Sahil for putting this smart program and to continue to update it! I would suggest making a token payment.

It seems that Maneesh has stopped maintaining the SBI rate and thus one had to look for different sources and finally I found one which you may like to use. 

This has been set up by Sahil Gupta and is also available on Github. The best way to go to this is via his blog 

https://www.sahil-gupta.in/posts/historical-sbi-forex-rates/

He has links to an excel sheet that has this as well as  pdf of the rate circulars since 1st April 2020.

This is one of the best I have found  as the Github has a query by date which makes the job super easy. Have a look and let me know your thoughts. Kudos to Sahil. This is free but I think we need to encourage people like Sahil for putting this smart program and to continue to update it! I would suggest making a token payment.