Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: list of goods taxed at 4% :: due date for vat payment :: VAT RATES :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: articles on VAT and GST in India :: cpt :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT Audit :: ACCOUNTING STANDARD
 
 
« Latest Circulars »
 Eligible Credit Rating Agencies- Rating of Fixed Deposits by Infomerics Valuation and Rating Private Limited (IVRPL)
  Appointment of nominated counsel in the Hon’ble High Court of Delhi at New Delhi- Compliance of the Order dated 21.07.2017
 RBI-Core Banking Solution (CBS) Requirements for Urban Co-operative Banks (UCBs)
 RBI-Interest Subvention Scheme for Short Term Crop Loans during the year 2017-18
 Appointment of nominated counsel in the Hon’ble High Court of Delhi at New Delhi- Compliance of the Order dated 21.07.2017
 RBI releases Data on India’s International Trade in Services: June 2017
 RBI-Reserve Bank Commercial Paper Directions, 2017
  RBI announces OMO Sale of Government of India Dated Securities
 Risk Management and Interbank Dealings- Reports to the Reserve Bank
  RBI announces OMO Sale of Government of India Dated Securities
 Income Tax Appellate Tribunal Ahmedabad Benches , Ahmedabad S/shri S.S. Godara, JM & Manish Borad, Am Causelist For Bench 'A' 07-08-2017

RBI-Computation and Dissemination of RBI Reference Rate-Revised Methodology
April, 25th 2016

The Reserve Bank of India (RBI) compiles and publishes on a daily basis the Reference Rate for Spot USD/INR. Under the existing methodology, the rate is arrived at through a polling process involving rates obtained from select banks.

RBI had constituted a Committee on Financial Benchmarks (Chairman: Shri P. Vijaya Bhaskar) to study the various issues relating to financial benchmarks in India and the committee had also reviewed the process of computation and dissemination of Rupee Reference Rate published by the RBI. The Committee had recommended that the USD/INR Reference Rate of RBI should be derived based on the actual market transactions so as to ensure that the Reference Rate appropriately represents the prevailing spot rate.

As announced in the First Bi-monthly policy statement for the year 2016-17, it has been decided to revise the existing methodology for computation of the RBI Reference Rate by making the following changes:

  • The rate for spot US Dollar against the Indian Rupee will be computed on the basis of the Volume Weighted Average of the actual market transactions that have taken place during a randomly selected 15 minute window between 11.30 a.m. and 12.30 p.m. every week- day (excluding Saturdays, Sundays and Bank Holidays in Mumbai).

  • The transactions data from electronic trading platforms, obtained by RBI, would be used for computation of the USD/INR Reference Rate.

  • In case the required transactions data is not available on account of technical failure/snag or for any other reason, RBI may, in that case, compute the USD/INR Reference Rate by conducting polling of rates from select major banks as at present.

  • The other three Reference rates viz EUR/INR, GBP/INR and JPY/INR would continue to be computed by crossing the USD/INR Reference Rate with the ruling EUR/USD, GBP/USD and USD/JPY rates.

  • The span of the time window will be increased from 15 minutes over a period of time on the basis of the experience gained.

  • The daily press release of the RBI reference Rate of US Dollar will be issued every week- day (excluding Saturdays, Sundays and Bank Holidays in Mumbai) at around 1.30 p.m.

These changes shall come into effect from May 2, 2016 (Monday).

Ajit Prasad
Assistant Adviser

Press Release : 2015-2016/2470

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions