Dear Friends
If we want to pay for Imported goods. how to Decide Exchange rate.......... it will be Current Exchange rate or Rate Which is Decide by Custom Department at the end of Each Month in its Notification....... Please clearify.
Thanks
4 Replies
ashish gupta
( student)
(1922 Points)
Replied 30 April 2012
you will have to pay at the current spot rate given by your banker.
RAMESH KUMAR VERMA
( CS PURSUING )
(43853 Points)
Replied 30 April 2012
NO, NO, MR ASHISH GUPTA, In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962),GOVERNMENT OF INDIA, MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS ISSUE THE NOTIFICATION .
REGARDS,
ashish gupta
( student)
(1922 Points)
Replied 30 April 2012
I did not get it. can you please tell some more about it. I think Govt notifies rate only for the purpose of calculating the import-export value and the custom duty amount but the rate at which we pay to the creditor is the bank rate.
Please correct me if m wrong and tell in detail.
RAMESH KUMAR VERMA
( CS PURSUING )
(43853 Points)
Replied 30 April 2012
PLEASE ASK ANY QUERY BUT BEFORE READ THE BELOW MENTIONED LINKS ABOUT EXPORT IMPORT PURPOSE:
/forum/exchange-rate-for-may-2012-issued-by-cbec-200233.asp
Please Noted Bank rates is Notified By Reserve Bank of india in this regards link Read carefully :
https://rbidocs.rbi.org.in/rdocs/notification/PDFs/12MR300611F.pdf
https://www.rbi.org.in/scripttts/BS_ViewMasCirculardetails.aspx?id=6980
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