Determination of exchange rate

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2012 If i am doing export sale then at what rate should i account the entry in my accounts books. Is it as the RBI prevailing rate or at the rate prevailing at the custom department when proper officer orders clearance of goods.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

13 April 2012 Noted Please that CBEC determines the import and exchange rate .

for more info please read link:

http://www.cbec.gov.in/customs/cs-act/notifications/notfns-2012/cs-nt2012/csnt26-2012.htm

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2012 ya when the custom officer orders the clearance of goods,the rate prevailing on that day as per RBI shall be taken. But i have seen in some companies that they take the rate as per custom rules. So i wanted to be sure at what rate should i account in my books of accounts.

Upgrade to CAclubindia Pro. Subscribe Now!

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

13 April 2012 please read the above said reply any query.