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TMI BlogRBI Reference RateX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir/Madam, what is the purpose and use of the RBI Reference Rate for US$ and Euro being given every day? - Reply By CA. Surender Gupta - The Reply = The Reserve Bank of India compiles on a daily basis and publishes reference rates for Spot USD/INR and Spot EUR/INR. The rates are arrived at by averaging the mean of the bid / offer rates polled from a few select banks around 12 noon ever ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y week day (excluding Saturdays). The contributing banks are selected on the basis of their standing, market-share in the domestic foreign exchange market and representative character. The Reserve Bank periodically reviews the procedure for selecting the banks and the methodology of polling so as to ensure that the reference rate is a true reflection of the market activity. - Reply By CA. Surend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Gupta - The Reply = Computation and Dissemination of RBI Reference Rate Revised Methodology The Reserve Bank of India compiles and publishes on a daily basis reference rates for Spot USD-INR and Spot EUR-INR. Under the existing methodology, the rates are arrived at by averaging the mean of the bid/ offer rates polled from a few select banks around 12 noon every week-day (excluding Satur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... days). The contributing banks are selected on the basis of their standing, market-share in the domestic foreign exchange market and representative character. The Reserve Bank periodically reviews the procedure for selecting the banks and the methodology of polling so as to ensure that the reference rate is a true reflection of the market activity. Accordingly, it has been decided to revise the exi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sting methodology, the details of which are as under: The rates will be polled from the select list of contributing banks at a randomly chosen five minute window between 10.30 a.m. and 12.30 p.m. every week-day (excluding Saturdays). The reference rates for spot US Dollar and Euro against Rupee shall be disseminated up to the fourth decimal place. The daily press release on RBI Ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erence Rate for US Dollar and Euro will be issued every week-day (excluding Saturdays) at 1.00 p.m. These changes shall be effective from July 1, 2011. - RBI Reference Rate - Query Started By: - Narasimha Subramanian Dated:- 16-10-2013 Banking - Finance - Got 2 Replies - Companies Law - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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