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Permalink Reply by Munesh Kumar on January 23, 2019 at 0:30

Please, always mention in the INR by converting in INR.

The problem with foreign currencies is that an institution may have a bank account to transact in $ but an ordinary person may not have a bank account in dollars. And, vendors also do not prefer foreign currency transaction because of this reason.

So, book payment always in INR. 

Thanks. 

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Permalink Reply by SHIVA KANAKALA on January 23, 2019 at 1:16

As per current dollar rate convert  it to Rs and enter it into Accession Register.

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Permalink Reply by NAVEEN SRIVASTAVA on January 24, 2019 at 19:03

write the converted value in indian rupees & also can write in bracket foreign currency .

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Permalink Reply by Vijender Kumar on January 25, 2019 at 19:39

Should write MRP or discounted rate sir

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Permalink Reply by V PRAVEEN KUMAR on January 27, 2019 at 19:44

always we should enter MRP only 

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Permalink Reply by SHIVA KANAKALA on January 29, 2019 at 5:38

Yes MRP should be entered in Acc Register

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Permalink Reply by v.srinivasa rao on January 29, 2019 at 19:45

Dear Pandey

When you received foreign books go and check GOC (Good Office Committee) conversation rates. Probable monthly once GOC(Good Office Committee) update conversation rates in website. So as per invoice date of books you can convert Dolor/Pound in to INR and same enter in Accession register.

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Permalink Reply by Siddhartha Shankar Ray on January 30, 2019 at 20:26

Dear Sri Pandey Virendra Kumar,

Thanks for your post.

As per my opinion, it is safe to write the cost of the book in INR  with actual foreign currency price in bracket. They are Gross/Publishers' Price of the book. Simultaneously write the actual amount paid that is discounted price. Accession Registers readily available in market often do not have coloumns for such headings. As such, the best way is to devise your own Accession Register with desired headings with their individual width and get a suitable printer/binder. Alternately,  prepare a soft copy of Accession Register in simple Excel format with requisite coloumns with requisite width.

With modern ILMS the Accession Registers are also included in their fold. check with them while ordering.

I am explaining reasons behind my opinion (to record Foreign currency price)

Suppose you bought a book in 1985 with $30.00 while you paid Rs. 391.50 (USD @Rs. 14.50 & discount of 10% as per GOC) for the book. Now, if  you did not keep record of foreign currency cost & the book is lost by any individual what amount will you charge? You can very well charge the actual cost price you have paid ( CTC) of Rs. 391.50 and the individual deposits the amount and the matter settles. Now after a few months you need to buy a copy of the book with the same valuation ($30/-)  you will be charged to pay on the basis of existing FCCR (Foreign Currency Conversion Rate) @Rs. 74.30/US$. If now, you bargain for 25% discount, then the actual cost (CTC) will be 1671.75 or Rs. 1672.00  In case you are in Govt. funded institution and this fact comes to the notice of Audit party, instantly you will be asked to explain why did you accepted Rs. 391.50 or 392.00 and left the individual Scott Free while the actual CTC is more than FOUR Times as of now. After many arguments about depreciation, book recorded before your joining, etc. if the matter is somehow settled but the anxiety and agony you will be subjected to for a couple of days/weeks will be enormous!! So as I personally feel, it is always better to remain on the safe side.

Hope I could explain the issue to your satisfaction.

Sincerely,

Siddhartha S. Ray, Calcutta

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