Customs Non tariff Notification no 75/2014

[Asked by Guest]

Dear Sir,

Please explain what Customs Non tariff Notification no 75/2014 denotes. Thanks and regards.

[Mahir S]

Rate of exchange of conversion of each of the foreign currency with effect from 5th September, 2014. - 75/2014 - Dated 4-9-2014 - Customs - Non Tariff.

Such notification are issued every month showing the conversion rate of various foreigh currency against the Indian rupees and such conversion rate are to be taken into consideration for the said month while assessing Bills of Entry etc.

It is the conversion rate of Indian rupees against other foreign currencies, so that uniform rate are followed for all import and export to be undertaken in a given period of time.

AI Summary

Exchange rate conversion guidance ensures uniform customs valuation and assessment for imports and exports during the notification period.
Notification prescribes the exchange rates to be used for customs valuation and assessment of imports and exports during the notification period, mandating that Bills of Entry and other customs declarations adopt the published conversion rates between the Indian rupee and foreign currencies so that a uniform rate is applied by customs and traders for assessment and accounting.