Since 2002, the euro has also increasingly been seen as a reserve currency. The dollar has enormous influence, accounting for 63 percent of global foreign exchange reserves (end of 2017). dollar has been considered a reserve currency since World War II because, for example, oil prices are always calculated in dollars and numerous other currencies have pegged themselves to the U.S. under the provisions of the Chapter XVII-B.Reserve currencies A reserve currency is a currency that is also used to a particular extent as a means of payment beyond its country of origin. In respect of income chargeable under the head "Capital gains", the last day of the month immediately preceding the month in which the capital asset is transferred :] In respect of income by way of dividends, the last day of the month immediately preceding the month in which the dividend is declared, distributed or paid by the company In respect of income chargeable under the head "Profits and gains of business or profession" in the case of a non-resident engaged in the business of operation of ships, the last day of the month immediately preceding the month in which such income is deemed to accrue or arise in India
In respect of income chargeable under the heads "Income from house property", "Profits and gains of business or profession" and "Income from other sources" (not being income by way of dividends ), the last day of the previous year of the assessee In respect of income "interest on securities", the last day of the month immediately preceding the month in which the income is due In respect of income chargeable under the head "Salaries", the last day of the month immediately preceding the month in which the salary is due, or is paid in advance or in arrears "telegraphic transfer buying rate" shall have the same meaning as in the Explanation to rule 26 The rate of exchange for the calculation of the value in rupees of any income accruing or arising or deemed to accrue or arise to the assessee in foreign currency or received or deemed to be received by him or on his behalf in foreign currency shall be the telegraphic transfer buying rate of such currency as on the specified date.Įxplanation : For the purposes of this rule,- ( 1) [ Rate of exchange for conversion into rupees of income expressed in foreign currency.
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