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of <h1>Exchange Rate for Foreign Currency in India: Rule 34 and Customs Act Guide for Goods and Services Transactions.</h1> The rate of exchange for currency other than Indian rupees, as per Rule 34 of the CGST Rules, is determined for goods and services differently. For goods, the rate is the one notified by the CBIC under Section 14 of the Customs Act, 1962, applicable on the supply date. For services, it follows the rate determined by GAAP on the supply date. In a case involving a company, the value of goods billed in foreign currency within India is determined under Rule 34, using the exchange rate for imported goods as notified under the Customs Act.
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