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While purchasing Foreign Books and Journals GOC Rate count or RBI Rate have to count please anybody help me regarding this topic
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You should count the GOC rates, According to GOC rates you have to make payment to them.
Dear Sir,
Could anybody tell me why GOC rate is applied for purchasing abroad books?
Why not RBI rate? where as RBI rate is much cheaper than GOC rate.
Dear Amit ji,
Whenever you will be purchase any foreign books or journals, you have to produced GOC rates for payment or you have to follow the GOC rate for the same, always use following link if vendor not produced GOC rates with invoice.
Dear Sir,
Could anybody tell me why GOC rate is applied for purchasing abroad books?
Why not RBI rate? where as RBI rate is much cheaper than GOC rate.
Dear Sir,
Could anybody tell me why GOC rate is applied for purchasing abroad books?
Why not RBI rate? where as RBI rate is much cheaper than GOC rate.
GOC or the Good Office Committee was formed a couple of decades ago for import of books and journals. In those days, soft copies or e-materials were nonexistent and foreign books & journals were, by and large used to come through Sea Mail which used to take around 10 to 12 weeks. In order to accommodate the rise of Foreign Currency Conversion rates and to establish an uniform norm for purchase of Foreign Books and Journals, Good Office Committee (GOC) was established. the conversion rates of Foreign Currencies according to GOC were always higher to accommodate time gap existed during order and arrival of materials as well as processing of Bills. In those days the GOC rates used to remain valid for a couple of Months (usually 3 Months) Besides, the Conversion rates, GOC also recommended the norms for discount for books and handling charges.
Of Course RBI rates are much lower and they are even lower than Bank rates.
In case one wants to purchase say 100 U.S Dollars from any Nationalized Banks, while the RBI Rate for US Dollar is Rs. 60.36, mathematically one seems to be paying Rs. 6036/- only though in practice, altogether the buyer will have to pay more than above mentioned amount (Rs. 6036/-)
As such, practically speaking, the RBI rates are not viable commercially as I feel. I understand that many libraries/librarians now-a-days insist for RBI rates and Vendors/suppliers often have to give in to protect their business interest because of high competition. They usually accommodate from the discounts they get from the publishers. I understand that many libraries often ask for even 20% to 25% discounts on books but in many of those cases, especially where payment of bills are not prompt, books bay high standard booksellers (like, say, Elsevier, Springer etc.) are often remains unsupplied.
Incidentally, at the present age, where Foreign Currency Conversion Rates have become so steep ( when I joined service hardly any of the foreign Currencies touched double digit!!) and costs of foreign Books & Journals are sky high, the norms of GOC are often felt unnecessary imposition by many of us. However, for all practical purpose and for the sake of transparency & peaceful coexistence, certain uniform norms are extremely needed; it may not be the GOC in its present avtar, but some sort of uniform pattern should remain in practice.
Siddhartha S. Ray, Calcutta.
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