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AI Drafter ✕

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

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Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

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• Issue-wise legal analysis
• Practical arguments and supporting content
• Professionally structured draft ready for further review.

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        FEMA & RBI

        RBI Reference Rate for US $

        October 21, 2014

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        The Reserve Bank of India’s Reference Rate for the US Dollar is ₹ 61.2967 on October 21, 2014.

        The corresponding rate for the previous day (October 20, 2014) was ₹ 61.2873.

        Based on the reference rate for the US Dollar and the middle rates of the cross-currency quotes, the exchange rate of EUR, GBP and JPY against the Rupee are given below:

        Currency

        Date

        October 20, 2014

        October 21, 2014

        1 EUR

        78.1536

        78.5885

        1 GBP

        98.6235

        99.1597

        100 YEN

        57.14

        57.63

        Note : The SDR-Rupee rate will be based on the reference rate.

        Ajit Prasad

        Assistant General Manager

        Reference exchange rate publication sets the US dollar benchmark and governs calculation of cross currency and SDR rupee rates. The Reserve Bank of India publishes an official reference exchange rate for the US dollar which serves as the primary benchmark for deriving rupee rates for other currencies; using that reference together with middle cross currency quotes the Bank provides corresponding rupee rates for the euro, pound sterling and yen, and specifies that the SDR Rupee rate will be based on the published reference rate.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Reference exchange rate publication sets the US dollar benchmark and governs calculation of cross currency and SDR rupee rates.

                                The Reserve Bank of India publishes an official reference exchange rate for the US dollar which serves as the primary benchmark for deriving rupee rates for other currencies; using that reference together with middle cross currency quotes the Bank provides corresponding rupee rates for the euro, pound sterling and yen, and specifies that the SDR Rupee rate will be based on the published reference rate.


                                Note: It is a system-generated summary and is for quick reference only.
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