Live INR exchange rates — no API key required. Auto-fetched from free public sources. Manual rate override available if live rates unavailable. Rule 115 / SBI TT Buying Rate reference for income tax.
The Currency Converter provides exchange rates for major world currencies against the Indian Rupee (INR). It is useful for computing foreign income, overseas expenses, import/export invoicing, FEMA compliance, and determining the rupee equivalent of foreign remittances for income tax purposes. Covers USD, EUR, GBP, AED, SGD, AUD, CAD, JPY, and other major currencies.
What exchange rate should I use for income tax returns?
For income tax purposes, the Telegraphic Transfer (TT) buying or selling rate of the State Bank of India or the RBI reference rate is prescribed under Rule 115 of the Income Tax Rules, depending on the nature of the transaction.
Is foreign income taxable in India?
Foreign income is taxable depending on your residential status. Residents (ordinarily resident) must include all foreign income. NRIs are taxed only on India-sourced income. RNORs are taxed on India income plus income from a business controlled in India.
What is the RBI reference rate?
The RBI publishes daily reference rates for major currencies (USD, EUR, GBP, JPY) based on noon rates in the inter-bank market. These are used for FEMA compliance and customs valuation.