Tag Archives: foreign exchange

Now you can buy foreign exchange from any post office

Source : Reserve Bank of India RBI/2015-16/314 A.P. (DIR Series) Circular No.49/2015-16 [(1)/18(R)] February 04, 2016 To All Category – I Authorised Dealers and Authorised Banks Madam/ Sir Post Office (Postal Orders/Money Orders), 2015 Attention of Authorised Dealers (ADs) is invited to Notification No. FEMA. 18(R)/2015-RB dated December 29, 2015 notified vide G.S.R. No.1009 (E)… Read More »

Forex Loss on advances to be calculated at end of Financial year, loss is not to be postponed to a future date when the transaction gets crystalised

Facts of the case :- Assessee claimed an amount of Rs.12.85 lakhs as loss on foreign exchange fluctuation. The appellant had received advances for supply from foreign parties for supply of iron ore. The variation/fluctuation in the exchange rate led to a revenue loss/profit. Therefore, at the end of the accounting period i.e 31st March.… Read More »