Telegraphic transfer buying rates.

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  1. V K Khanna

    V K Khanna Active Member

    The resident individuals having foreign income during the AY 2016-17 have to pay tax along with their income in India as per Income Tax Act. The Act also prescribes the conversion of foreign income into Indian rupees for calculating tax by clubbing both the incomes. The conversion is done by adopting the 'telegraphic transfer buying rates' notified by the State Bank of India from time to time.

    2. The 'telegraphic transfer buying rate' in relation to a foreign currency means the rate adopted by the State Bank of India for buying such Currency, where such Currency is made available to that bank through a telegraphic transfer.

    3. These rates can be obtained from the Foreign Exchange Branch of SBI. The bank however charges Rs 250 per entry for furnishing the exchange rates.

    4. I have obtained the exchange rates of all notable currencies from SBI from May 2015 to Feb 2016, for the purpose of conversion of foreign currency into Indian Rupee for tax purposes. I am glad to furnish the conversion rate of US dollar into Indian Rupee for information of our esteemed members of this forum:-

    Date. Conversion of US dollar 1 into INR( TT buying rate)

    29.5.2015. 63.40

    30.6.2015. 63.35

    31.7.2015. 63.65

    31.8.2015. 65.80

    30.9.2015. 65.45

    30.10.2015. 64.85

    30.11.2015. 66.38

    31.12.2015. 65.75

    29.1.2016. 67.60

    29.2.2016. 68.31
     
    ZED likes this.
  2. amitvps

    amitvps New Member

    Hi, can you please provide Australian dollar TT buying rates?
     
  3. V K Khanna

    V K Khanna Active Member

    I would have certainly helped but right now I am out of India for a couple of months.
     
  4. Agrawal.shruti

    Agrawal.shruti New Member

    V K Khanna likes this.
  5. V K Khanna

    V K Khanna Active Member

    Incidentally, I may add that the rate quoted by the Hindu Business Line is not acceptable to the AO even if the rate may be correct. The Income Tax Act specifically provides conversion rate as adopted by the SBI. To be on safe side, pl get the conversion rate from any foreign exchange branch of the SBI duly certified for converting FE into INR.
     
  6. tanuja sinha

    tanuja sinha New Member

    Can you share for March 2015 & March 2016
     
  7. tanuja sinha

    tanuja sinha New Member

    Feb 2015 also
     
  8. V K Khanna

    V K Khanna Active Member

    Feb 2015
    As on 27.02.2015 US $ 1 = INR 61.4
    (SOURCE: SBI FE Br. Parliament Street New Delhi).

    For other periods I don't have the information.
     
  9. Santosh Gunat

    Santosh Gunat New Member

    Please send GBR to INR rates for below dates:

    29-Apr-16
    31-May-16
    30-Jun-16
    29-Jul-16
    31-Aug-16
     
  10. prolinc

    prolinc New Member

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