for receipt of export remittance pre or post sale and export or import sales which rate has to be considered is it RBI rate or customs rate.
explain with relevant clause and section
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export proceeds
Replies (1)
Customs rate. You can refer the shipping bill which specifies the rate as well as INR value.
On receipt of the amount, difference is booked as Foreign exachange gain / loss in the profit and loss account.
On receipt of the amount, difference is booked as Foreign exachange gain / loss in the profit and loss account.
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