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The rate of exchange for conversion into rupees of income expressed earned in foreign currency should be the "telegraphic transfer buying rate of such currency as on the specified date" as per the IT rules.

Where do I get the "telegraphic transfer buying rate" for a given date in the past? This has the reference rate for foreign currencies, but, it does not look like the "telegraphic transfer buying rate".

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FBIL are TT rates and can be used for tax purposes.

If you need rates before 2018, they are available on RBI website

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  • I believe TT buying rates are different from TT selling rates. Are the rates mentioned in FBIL the TT buying rates or TT selling rates?
    – kbsbng
    May 10 '20 at 16:56
  • @kbsbng You are right, TT buy rates are different to TT sell rates. These are rates used by Banks on standard transaction. This is the reason Income tax want you to use this rates for notional conversion to avoid manipulation. However the rate published by FBIL are mid rates and can be used on either side. They are now the official rates
    – Dheer
    May 10 '20 at 17:05
  • If FBIL rates are mid rates, as per the IT rules mentioned here incometaxindia.gov.in/Rules/Income-Tax%20Rules/…, which say we should use the TT buying rate, we cannot use the FBIL rates for IT purpose, right?
    – kbsbng
    May 11 '20 at 10:57

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