TaxTMI 
TaxTMI 
RBI Reference Rate
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....BI Reference Rate<br> Query (Issue) Started By: - Narasimha Subramanian Dated:- 16-10-2013 Last Reply Date:- 2-11-2013 Banking - Finance<br>Got 2 Replies<br>Companies Law<br>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 refere....
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....nce 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 every 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 proced....
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....ure 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. Surender 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 met....
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....hodology, 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 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 ....
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....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 existing 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). ....
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....* 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 Reference 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.<br> Discussion Forum - Knowledge Sharing ....