(7)[] [Renumbered by '(8)' Notification No. G.S.R. 14(E), dated 6.1.2020 (w.e.f. 26.3.1962).] The rate of exchange for the calculation of the value in rupees of the consolidated group revenue in foreign currency shall be the telegraphic transfer buying rate of such currency on the last day of the accounting year.Explanation. - For the purposes of this rule,-(A)"telegraphic transfer buying rate" shall have the same meaning as assigned in the Explanation to rule 26;(B)the terms 'accounting year', 'consolidated financial statement' and 'international group' shall have the same meaning as assigned in sub-section (9) of section 286.]
