Previous earning point calculation

[TinaJohn]

Hi,

I have some confusion in the previous earning conversion. So I need your valuable input for the conversion from Indian Rupees to Pound Sterling.
My previous earning for past 12 months (from Jan 2009 to Dec 2009) is 408572 Rs.The last salary is credited to my bank account is on 30th Dec 2009 .So need clarification on below 2 points

For calculating points for my previous earning ,do I have to consider the exchange rate on 30th Dec 2009 or 31st Dec 2009
If I consider the exchange rate as on 31st Dec 2009 ,I am confused with the calculation
Case 1

If I consider the exchange rate on 31st Dec 2009, then as per Oanda site 1 INR = .0134 GBP

So the calculation will be 408472* .0134*5.3 = 29009 GBP which will give me 30 points

Case 2

If I convert the entire amount (408472) to pound using Oanda currency converter to gbp then

5468.74 *5.3 =28984.322 this will give me 25 points.

Case 3
If I consider the exchange rate 1GBP= 74.4675 INR
then 408472/74.4675 *5.3 will also give me 30 points

So please anyone help me which one of this is the exact calculation and let me know how the conversion is done so that I can proceed with my application.

[vks]

Hi,

I have some confusion in the previous earning conversion. So I need your valuable input for the conversion from Indian Rupees to Pound Sterling.
My previous earning for past 12 months (from Jan 2009 to Dec 2009) is 408572 Rs.The last salary is credited to my bank account is on 30th Dec 2009 .So need clarification on below 2 points

For calculating points for my previous earning ,do I have to consider the exchange rate on 30th Dec 2009 or 31st Dec 2009
If I consider the exchange rate as on 31st Dec 2009 ,I am confused with the calculation
Case 1

If I consider the exchange rate on 31st Dec 2009, then as per Oanda site 1 INR = .0134 GBP

So the calculation will be 408472* .0134*5.3 = 29009 GBP which will give me 30 points

Case 2

If I convert the entire amount (408472) to pound using Oanda currency converter to gbp then

5468.74 *5.3 =28984.322 this will give me 25 points.

Case 3
If I consider the exchange rate 1GBP= 74.4675 INR
then 408472/74.4675 *5.3 will also give me 30 points

So please anyone help me which one of this is the exact calculation and let me know how the conversion is done so that I can proceed with my application.

If I were you and have enough points, I would take case 2 to avoid the risk of application rejection

[ChetanOjha]

You need to consider exchange rate of 31st Dec. Guidance Notes Page 23 states:

. 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.

Now question about How to use the oanda converter,you can use the exchange rate of 31st i.e. 0.0134 GBP / Rs. I would follow the calculation as below:

0.0134*408572*5.3=£29016.78.

There is no thumb rule as how you should convert the amount into GBP. But caseworker should be able to understand how you have converted the amount into GBP and the conversion rate used. I find this method easy to understand but you should be carefull with calculation.

To test your option 2 above --> I checked conversion rates of Rs. 1, Rs.10,Rs100, Rs.1000 using Oanda converter and everytime I got different comnversion amount which was 0.0134, 0.1339,1.3388,13.3883 respectively. Which makes me think that Oanda conversion rate is not consistent and varies depending on the amount being converted.

Safest option, I would advice is to use conversion rate of 0.0134 and use the above calculation to keep your case simple and straight forward.

[hs_sdm]

Hi All,

I am planning to apply Tier 1 General. Currently, I am in UK with Tier 2 (ICT). I came to UK on March. Previously, I got my salary in India ( from Jan to Mar) and also got allowance here in March. April onwards, I got the salary in UK.

Jan - Mar - Rs.120000 - £1500 - £8153 ( after multiplying with 5.3)
March Allowance - £1500
Apr-Dec - £18000

Whether I have to take the earnings as £21000 or £27653 ?

Please correct me if my calculations are wrong.

Thanks
Prakash

[ChetanOjha]

Prakash,

Please post your query in a separate thread. Do not hijack other's thread.

Hi All,

I am planning to apply Tier 1 General. Currently, I am in UK with Tier 2 (ICT). I came to UK on March. Previously, I got my salary in India ( from Jan to Mar) and also got allowance here in March. April onwards, I got the salary in UK.

Jan - Mar - Rs.120000 - £1500 - £8153 ( after multiplying with 5.3)
March Allowance - £1500
Apr-Dec - £18000

Whether I have to take the earnings as £21000 or £27653 ?

Please correct me if my calculations are wrong.

Thanks
Prakash

[TinaJohn]

Thanks for the response. I have checked with VFS India and they replied that the rate will be considered based on the date on which yr last salary is credited.