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Guest

Guest (Querist)

15 May 2012 What exchange rate and date of purchase is to be considered for recognizing purchases?

Kindly reply as soon as possible.

Thanx in advance

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 May 2012 in this case bill of entry date will be deemed .

Guest

Guest (Querist)

15 May 2012 THEN WHAT ABOUT EXCHANGE RATE?

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Guest

Guest (Querist)

15 May 2012 WHAT ABOUT RATE OF EXCHANGE?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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15 May 2012 it will be deemed mentioned in BIll of entry.
other eminent expert also invited for post their comments in this scenario.
regards,

Mihir Doshi

Mihir Doshi (Expert)
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15 May 2012 Rate of exchange is mentioned on bill of entry and same will be taken into account for accounting entry

Guest

Guest (Querist)

12 June 2012 but the rate of exchange mentioned on the B/E is same for the whole month so how can we take that rate?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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13 June 2012 the exchange rate will be applicable which is mentioned on bill of entry irrespective of bank rate.

also noted that:

On receipt of the examination report the appraising officers in the group assesses the bill of entry. He indicates the final classification and valuation in the bill of entry indicating separately the various duties such as basic, countervailing, anti-dumping, safeguard duties etc., that may be leviable. Thereafter the bill of entry goes to Assistant Commissioner/Deputy Commissioner for confirmation depending upon certain value limits and sent to comptist who calculates the duty amount taking into account the rate of exchange at the relevant date as provided under Section 14 of the Customs Act.

https://www.caclubindia.com/experts/exchange-rate-applicable-customs-vs-rbi-981205.asp#.T9wNZ1I-1d4

regards,

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Guest

Guest (Querist)

16 June 2012 @ Rameshkumar Sharma
can u give me some reference for your reply.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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16 June 2012 I THINK THAT YOU MUST READ THE ABOVE SAID link

regards,

Guest

Guest (Querist)

16 June 2012 can u give me any other link?