PBS Calculator : Exchange Rate to convert INR to GBP

[Deepak Sharma]

Hi Guys,

My friend from Bangalore wants to apply for Tier1 General and while using the PBS for the same, he has come across with the following doubt :

The policy on the PBS Screen says : Enter the exchange rate to convert to pounds sterling (GBP) at the time you earned the money.

Since, the total earnings is for the last 12 months, what exchange rate / how it should be used here? ... Could any one clarify this please ?

Many thanks in advance...

Best Regards,
Deepak

[Padma]

Deepak,

The conversion rate should used as of the last day of your claim period. eg. If you are claiming 1st June 2008 to 31st May 2009, then the conversion rate should be as of 31st May.

Experts please correct me, if I am wrong.

Padma

[ChetanOjha]

This discussionshould help you.

Also check Page 35 of Policy Guidelines which states:

The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. www.oanda.com

[ChetanOjha]

Deepak,

The conversion rate should used as of the last day of your claim period. eg. If you are claiming 1st June 2008 to 31st May 2009, then the conversion rate should be as of 31st May.

Experts please correct me, if I am wrong.

Padma

Conversion rate should be the rate on date of application.

[Deepak Sharma]

Thanks for all your replies and clearing it.

But, it was really confusing statement on the PBS Screen which says :

" Enter the exchange rate to convert to pounds sterling (GBP) at the time you earned the money "

[push]

This discussionshould help you.

Also check Page 35 of Policy Guidelines which states:

The exchange rate of overseas currency will be made using the OANDA rate conversion on the date of application. www.oanda.com

Thats for maintenance funds. For earnings it is (Para 130) -

An applicant should use the closing exchange rate on the OANDA website at http://www.oanda.com/convert/classic on the last day of the period for which he/she has claimed earnings in that currency. This is an independent website, for which we are not responsible.

[AkashS]

Thanks for all your replies and clearing it.

But, it was really confusing statement on the PBS Screen which says :

" Enter the exchange rate to convert to pounds sterling (GBP) at the time you earned the money "

I think for Earning and Maintenance Fund both, the conversion rate of the application date will be applicable. So if you are applying of June 1st, the Pound rate as on June 1st will be applicable for your Earning and Maintenance.

Am I right?

[ChetanOjha]

I think for Earning and Maintenance Fund both, the conversion rate of the application date will be applicable. So if you are applying of June 1st, the Pound rate as on June 1st will be applicable for your Earning and Maintenance.

Am I right?

Not really. Push has cirrected my rightly. Paragraph 130 of the guidance notes states as below (which I underlooked)

130.An applicant should use the closing exchange rate on the OANDA website at http://www.oanda.com/convert/classic on the last day of the period for which he/she has claimed earnings in that currency. This is an independent website, for which we are not responsible.