Telegraphic transfer buying rate - Definition / Legal Terminology - Income Tax

Explanation.(ii) - For the purposes of rule 26 of the Income-tax Rules, 1962 , - Telegraphic transfer buying rate , in relation to a foreign currency, means- the rate or rates of exchange adopted by the State Bank of India constituted under the State Bank of India Act, 1955, for buying such currency, having regard to the guidelines specified from time to time by the Reserve Bank of India for buying such currency, where such currency is made available to that bank through a telegraphic transfer;