<h1>CBEC Announces New Exchange Rates for Foreign Currencies in Trade, Effective May 7, 2013, Under Customs Act 1962.</h1> The Central Board of Excise and Customs (CBEC) has announced new exchange rates for foreign currencies concerning imported and exported goods, effective from May 7, 2013. This notification supersedes the previous one issued on May 16, 2013. The exchange rates for various currencies, including the US Dollar, Euro, and Japanese Yen, have been specified for both imported and exported goods. For instance, the US Dollar is set at 56.85 for imports and 55.85 for exports. These rates are determined under the authority of the Customs Act, 1962, to facilitate accurate currency conversion for trade purposes.