Schedule FA is reported in rupees — but never at “today's rate.” Every figure is converted with the SBI TT buying rate on a specific date, and getting the date wrong is the single most common Schedule FA error.
The rate is the SBI TT buying rate
Convert each foreign-currency figure using the State Bank of India Telegraphic Transfer (TT) buying rate for that currency. It is specifically not the RBI reference rate, not the interbank or spot rate, and not the rate printed on your broker statement. Using the wrong source is a common and avoidable mistake. (The one accepted exception: for older dates where SBI never published a TT rate, the RBI/FBIL reference rate stands in as the CA-accepted proxy — see how FinDrishti handles it below.)
…on the reference date of each figure
There is no single rate for the year. Each number is converted at the rate in effect on its own reference date:
| Figure | SBI TT rate date to use |
|---|---|
| Peak value | The day the peak was reached |
| Closing value | 31 December |
| Initial (acquisition) value | Each lot’s acquisition / vest date |
| Dividend or interest | The date it was credited |
| Sale proceeds | The date of the sale |
Weekends and holidays: carry forward
SBI doesn't publish a TT rate on non-business days. When your reference date falls on a weekend or holiday, use the last published rate on or before that date — the same carry-forward convention applies to closing prices.
Why it matters — a worked example
A holding was worth $20,000 on 12 March — its high for the year — and had fallen to $10,000 by 31 December. Over the same period the rupee weakened from ₹82 to ₹85 per dollar. Each day's value is converted at that day's rate:
| Date | Foreign value | SBI TT (₹/$) | Rupee value (₹) |
|---|---|---|---|
| 12 March | $20,000 | 82 | 16,40,000 ← peak |
| 31 December (closing) | $10,000 | 85 | 8,50,000 |
The peak is ₹16,40,000, on 12 March. The higher ₹85 rate belongs to the 31 December value of $10,000 — not to the peak. Because the holding had fallen by year-end, its closing rupee value (₹8,50,000) is well below the peak even though the rate was higher. That is the trap in the year-end shortcut: pairing the peak's $20,000 with the December rate (20,000 × 85 = ₹17,00,000) invents a rupee value the holding never actually had on any single day. Each figure is converted at its own date's SBI TT rate — the day's value with the day's rate.
Where the rates come from
SBI publishes daily TT card rates, but Schedule FA needs the rate on past dates — each vest date, each dividend date, the peak date, and 31 December. Looking those up one by one, per figure, per holding, is where manual filing becomes error-prone.
How FinDrishti handles it
FinDrishti keeps a historical SBI TT series and applies the correct rate for each reference date automatically — peak date, 31 December, every acquisition date and every dividend date — so no figure is accidentally converted at the wrong rate. See the full Schedule FA guide for how this fits the whole computation, and the peak-value guide for the date that drives the peak conversion.
One honest caveat about the earliest dates: the SBI TT series only reaches back to 2020, because SBI publishes just today's rate and keeps no public archive. For a reference date before then — say a foreign share or RSU acquired years ago and still held — FinDrishti falls back to the RBI/FBIL official reference rate, the same proxy a CA applies when the SBI TT rate is genuinely unavailable. It runs within a few paise of the SBI TT rate, and every figure that uses it is labelled as a proxy in its provenance, so nothing is silently substituted — you always see which rate valued which number.
Upload your foreign bank and brokerage statements. FinDrishti reconstructs every lot, peak, and closing value — showing the source and math on every number — and builds your Schedule FA. The first three rows are free.