Paris, France, and the remaining 20% in Indian
rupees using a fixed conversion rate of FF. 1.033=Re. 1.000.
Art IX-3.2 provided that certain ... devalued in June 1966 and consequently Forasol made a claim
for conversion of Indian rupees into French
527
Francs at a rate higher than
applied? Whether the same should be calculated on the basis of
conversion rate on the date of the award or on the date of dismissal ... decision would govern
the rate of exchange that should be adopted for conversion. He relied upon
paragraphs
currency to
Indian rupees. Second, what would be the date of such conversion,
when the award debtor deposits some amount before the court
during ... date when the arbitral
award becomes enforceable shall be the date for conversion. Under
the Arbitration and Conciliation Act, 19962 this date is when
receive the consideration in foreign exchange. The consideration
received by assessee after conversion depended on exchange rates
prevalent on the date of conversion ... depreciation in the value of foreign currency
held by it, on conversion into another currency, such profit or
loss would ordinarily be a trading profit
dismissed on
30.10.2018. Hence, it was claimed in the revised statement that,
conversion rate has to be reckoned as on the date when this Court ... original award
did not specify any rate of interest or provision for conversion. It was
contended that, in the absence of any specific rate
comparison is required with regard to a domestic industry in respect of
conversion of currencies, such conversion should be made using the rate of
exchange ... injurious
price would be a relevant factor, there can be a conversion to USD as per the
rate of exchange that may prevail on such
situations.
(i) Receipts/expenditure are booked at the time of transaction while
conversion of payment/receipt on foreign exchange occurs on a later point ... exchange rate from the date of transaction to that of conversion of foreign
exchange.
(ii) An exporter/importer entering into forward contract for sale/purchase
learned Single Judge had not specified the rate of exchange
for conversion of the decretal amount expressed in U.S.
dollars to Indian rupees ... Court in Forasol v. ONGC4 they have directed that
the date of conversion of decretal amount which is in U.S.
dollars to Indian rupees
said proviso shall not apply thereto. (D) Of Valuations for Duty 20. Conversion of amount expressed in foreign currencies.
(1) Where an instrument is chargeable ... date of the instrument. (2) The rate of exchange for the conversion of British or any foreign currency into the currency of India prescribed under
said proviso shall not apply thereto. (D) Of Valuations for Duty 20. Conversion of amount expressed in foreign currencies.
(1) Where an instrument is chargeable ... date of the instrument. (2) The rate of exchange for the conversion of British or any foreign currency in to the currency of India prescribed
