07 January 2013
We have some imported goods. and the question is whether to apply exchange rate as per rate specified by RBI or as per rate specified Bill of entry. Kindly specify the provision and Act if possible.
As per As-11, we have to apply the rate prevailing on the date of transactions, and that rate is rate prescribed by RBI. The rate of bill of entry is prescribed by CBEC and that is relevant for the purpose of calculating Customs Duty only.
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