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import to be recored at exchange rate or Bank Rate???

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(Querist)
17 August 2010 hello friends,

purchase of 1000usd product from USE
on the date of purchase
exchange rate 45
& Bank Rate 45.5

my question is we have record purchase entry on exchange rate or bank rate??

waiting urgently for ur reply.
thanx in advance
my id abhipcc@rediffmail.com
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CA Amit Joshi

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CA Amit Joshi (Expert)
17 August 2010 Hello

As per AS-11 Import should be recognized in books of accounts at Exchange rete on the day of purchase.

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