https://www.taxtmi.com/caselaws?id=756949 A foreign arbitral award expressed in foreign currency is converted into Indian rupees at the exchange rate prevailing when objections under Section 48 are finally rejected and the award becomes enforceable under Section 49. The Supreme Court held that the Forasol principle applies under the Arbitration and Conciliation Act, 1996, so the unpaid balance is valued on the finality date, not by reference to an earlier point. Amounts deposited in court during pendency, however, are treated differently if the award holder was permitted to withdraw them: that sum is converted on the date of deposit because the holder obtained practical access to it. A later exchange rate cannot be applied again to that withdrawable amount. en-us Thu, 08 Aug 2024 00:00:00 +0530 Mon, 12 Aug 2024 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756949 A foreign arbitral award expressed in foreign currency is converted into Indian rupees at the exchange rate prevailing when objections under Section 48 are finally rejected and the award becomes enforceable under Section 49. The Supreme Court held that the Forasol principle applies under the Arbitration and Conciliation Act, 1996, so the unpaid balance is valued on the finality date, not by reference to an earlier point. Amounts deposited in court during pendency, however, are treated differently if the award holder was permitted to withdraw them: that sum is converted on the date of deposit because the holder obtained practical access to it. A later exchange rate cannot be applied again to that withdrawable amount. Case-Laws Indian Laws Thu, 08 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756949