closing rates

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vishnukant (Querist)
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09 April 2010 dear experts,
i want to know that which exchange rate should be used for revaluation of foreign Debtors & creditors for quater end as per indian accounting standard, whether it would be closing rate of SBI or RBI or FEDAI?
please reply at the earliest.

thanks

CMA.Palani Arumugam

CMA.Palani Arumugam (Expert)
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10 April 2010 In my opinion, you should take the RBI reference rate.

vishnukant

vishnukant (Querist)
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10 April 2010 Can you provide any ref from accounting standard?

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vishnukant

vishnukant (Querist)
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10 April 2010 Can you provide any ref from accounting standard? in Income tax i read SBI rates have been referd. cant we take that?

sachin alwadhi

sachin alwadhi (Expert)
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10 April 2010 you should use as-11 for this purpose.there is nowwhere mention in as-11 that u should use rbi&sbi rate. u can use oany one. there is normal business practice most of the concerns use rbi rate.