Rushabh Shah (Business) (574 Points)
18 February 2013
Tushar
(Service)
(159 Points)
Replied 18 February 2013
Hi, Greetings from Tushar.
When we receive imports documents and the paymnet term is CAD than obviously purchase has to be booked at the rate which is paid for. Suppose value of consignment is uS$ 50,000 and payment is made on CAD basis @ Rs. 54 per us$ than we book purchase by Rs. 27,00,000/- (i.e. US$ 50,000 X Rs. 54/US$)
When we receive the import documnets on DA basis, we take the reference rate from RBI which is published on every working day by RBI on its website and book the purchase accordingly. We follow the reference rate as when we receive the documents from the bank and book the purchase accordingly.
Suppose we received documnets on 15/02/2013 from bank for a consignment of US$ 50,000/-, payment term of which is 60 days, we take the RBI Reference rate as on 15/02/2013 which is Rs. 53.9885 per US$. Suppose, we get the container cleared at our premised on 20/02/2013 we shall book the purchase @ Rs. 26,99,425/- (i.e. US$ 50,000 X Rs. 53.9885/US$).
Now, when we release the paymnet to the supplier on some future date lets say on 15/06/2013 at exchange rate of Rs. 56/US$ then we make payment of Rs. 28,00,000/- and difference of Rs. 100,575 (i.e. Rs. 28,00,000/- Less Rs. 26,99,425/-) as forex loss.
Rushabh Shah
(Business)
(574 Points)
Replied 18 February 2013
Dear Tushar,
If the customs rate is 53 at the time of calculating the assessable value of goodsand at the time of booking the rate goes upto 55, then is it appropriate ??
Tushar
(Service)
(159 Points)
Replied 19 February 2013
Dear Rushabh,
Customs exchange rate should not be concerned for booking purchase in accounts. For booking the purchae either we should consider the RBI or SBI or Our sole banker's card rate.
Customs exchange rate is for payment of duty only. If we observe the difference of the daily card rate and customs exchange rate, there may be difference.
pavani
(mba)
(23 Points)
Replied 24 October 2015
we have received import april month still we have pending any penality pay to rbi becoz we have no fund pay dealy process
pavani
(mba)
(23 Points)
Replied 24 October 2015
Dear Rushabh
Greeting of the day
we have received import doument invoice date 24.04 .2015 dateand bill of entry date is 29.04.2015 wich date taken the foregien exchange rate and and bill of Lading it comes which date taken foregien rate please clarify the my doubt
pavani
(mba)
(23 Points)
Replied 24 October 2015
Dear Rushabh
Greeting of the day
we have received import doument invoice date 24.04 .2015 dateand bill of entry date is 29.04.2015 wich date taken the foregien exchange rate and and bill of Lading it comes which date taken foregien rate please clarify the my doubt
venkatesh tungana
(Audit executive)
(22 Points)
Replied 25 May 2017
On which basis u r saying only RBI rate is used for accounting, which act or standard mentioned the same. Please provide me the supportive document from authorised source for better clarification
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