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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: VAT Audit :: empanelment :: VAT RATES :: TDS :: list of goods taxed at 4% :: cpt
 
 
Latest Circulars »
 RBI-Auction of Government of India Dated Securities January 15, 2018
 Understanding and Managing Interest Rate Risk at Banks (Viral V Acharya, Deputy Governor – January 15, 2018 – at the FIMMDA Annual Dinner, 2018
 Auction of State Government Securities
 RBI releases draft directions on hedging of commodity price risk and freight risk in overseas markets
 Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Gomati Nagariya Sahakari Bank Ltd., Jaunpur (Uttar Pradesh)
 RBI-Monthly Bulletin for January 2018
 RBI to conduct 7-day Variable Rate Reverse Repo auction under LAF on January 10, 2018
 Auction for Sale (Re-issue) of Government Stock (GS) January 08, 2018
 Auction of Government of India Dated Securities January 8, 2018
  Non-Banking Financial Company – Peer to Peer Lending Platform
 RBI issues Master Direction on Foreign investment in India

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 2018 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