Common use of Currency Exchange Rates Clause in Contracts

Currency Exchange Rates. 1.6.1 For conversion purposes between United States Dollars and Indian Rupees or any other currency the Reserve Bank of India Reference Rate of Exchange for the transaction day on which the revenues, costs, expenditure, receipts or income are recorded shall be used. If Royalty or Government share of Profit Petroleum is remitted in Indian Rupees, the Reserve Bank of India Reference Rate of exchange of the day preceding the payment day shall be used. 1.6.2 Any realized or unrealized gains or losses from the exchange of currency in respect of Petroleum Operations shall be credited or charged to the accounts. A record of the exchange rates used in converting Indian Rupees or any other currencies into United States Dollars as specified in Section 1.6.1 shall be maintained by the Contractor and shall be identified in the relevant Statements required to be submitted by the Contractor in accordance with Section 1.4.2.