urgent export
This query is : Resolved
18 November 2009
I want to book export sales which rate is more appropriate
1 as given in exchange control copy
2 bill of landing
1 as given in exchange control copy
2 bill of landing
18 November 2009
Bill of lading is giving TT Selling rate applied by the Shipping company for collection of freight from you if your contract is C&F. Shipping Company usually books an exchange rate with the bank for converting Rupees to Dollars on a per vessel basis.
The buying rate in customs is fixed on monthly basis for valuation of cargo to levy import or export duty. They value all exports whether dutiable or not at this rate. You can adopt this rate on date of sale (when you file shipping bill) and adjust the loss / gain on realisation. However, it is better to compare a bike with a bike and a car with a car. Therefore on the date you are invoicing, ask your bank where you will receive your export proceeds for the TT Buying rate (card rate). When you receive Bank will use the TT Buying rate on date of realisation. This way the exchange loss / gain you account will be realistic even if the bank gave you a finer rate than their card rate on date of realisation.
The buying rate in customs is fixed on monthly basis for valuation of cargo to levy import or export duty. They value all exports whether dutiable or not at this rate. You can adopt this rate on date of sale (when you file shipping bill) and adjust the loss / gain on realisation. However, it is better to compare a bike with a bike and a car with a car. Therefore on the date you are invoicing, ask your bank where you will receive your export proceeds for the TT Buying rate (card rate). When you receive Bank will use the TT Buying rate on date of realisation. This way the exchange loss / gain you account will be realistic even if the bank gave you a finer rate than their card rate on date of realisation.
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