FAQs Currency Exchange Rate Master

Q1. What is a Currency Exchange Rate Master?

A Currency Exchange Rate Master is a centralized database or system that contains up-to-date information about exchange rates between different currencies.

Q2. Why is a Currency Exchange Rate Master important?

It is essential for accurately converting one currency into another for international transactions, financial reporting, and risk management.

Q3. What information is typically stored in a Currency Exchange Rate Master?

It includes currency codes (e.g., USD for United States Dollar, EUR for Euro), exchange rates against a base currency, historical exchange rate data, and effective dates for rate changes.

Q4. How often are exchange rates updated in a Currency Exchange Rate Master?

Exchange rates are updated every fortnight with respected to CIBIC Portal

Q5. I am unable to change currency exchange rates while creating SO, what should I do?

If you are unable to change currency exchange rates while creating a Sales Order (SO), it could be due to several reasons related to the software or system you are using for order management. Raise ticket to MDM team

Q6. I want to change currency exchange rates for PO creation, Can I do that?

In most standard procurement or purchase order (PO) creation processes, the currency exchange rates are typically set based on the rates available at the time of the transaction. These rates are often fetched from a designated source, such as a financial database or a central bank, and are not typically manually editable during the PO creation process. This is done to ensure accurate and consistent financial transactions.

Q7. At zetwerk we maintain all conversions wrt which currency?

At Zewerk we maintain 7 currency rates - SEK, AED, USD, EUR, CNY, GBP and JPY to INR

Q8. Why are the exchange rates not updated on a daily, weekly basis?

In terms of section 14 of the Customs Act, the value of any import or export goods

shall be calculated with reference to the rate of exchange as in force on the date on which a

bill of entry is presented under section 46, or a shipping bill/bill of export is presented under

section 50. For this purpose, Board currently notifies exchange rates of 22 currencies (listed

at Annexure 1) twice a month, i.e. every 1st and 3rd Thursdays. These notified exchange

rates become effective from midnight of the following day.

Q9. What details are required to update exchange rates in system?

To Update currency exchange rates we require:

Base Currency

Target Currency

Exchange rate value

Effective Date

Conversion Factor

Q10. For how many currencies do we maintain this exchange rates?

 SEK, AED, USD, EUR, CNY, GBP and JPY to INR