Exchange rate in e BRC (Conversion of Currencies in e-BRCs)
How is foreign currency converted in Electronic Bank Realization Certificate eBRC?
The foreign currency is converted in to Indian Rupees in two ways:
1. Conversion of foreign currency, if exchange rates are notified by CBEC (Central Board of Excise and Customs)
According to Foreign trade policy of India, if currencies, where Exchange rates are notified by CBEC, the foreign exchange realized (as mentioned by bank in the e BRC) is converted to Indian Rupee (INR) using the monthly exchange rates published by CBEC as on Let Export Order (LEO).
2. Conversion of foreign currency, if exchange rats are not notified by CBEC (Central Board of Excise and Customs)
If Currencies exchange Exchange rates are not notified by CBEC, total realized value in INR (as mentioned by bank in the e BRC), will be converted into US$ by using the US$ /INR exchange rate prevailing on the date of realization as published by CBEC.
The above information describes about conversion of foreign currency in to Indian Rupees under electronic Bank Realization Certificate eBRC.
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