<h1>Customs Act Update: New Exchange Rates for Imports and Exports Effective March 7, 2014.</h1> The Central Board of Excise and Customs, under the Customs Act, 1962, has updated the exchange rates for foreign currencies related to imported and exported goods, effective from March 7, 2014. The notification supersedes the previous one from February 20, 2014. The exchange rates specify the conversion of various foreign currencies into Indian rupees for both import and export purposes. For example, the rate for the US Dollar is set at 62.00 for imports and 61.00 for exports, while the Euro is 85.40 for imports and 83.45 for exports.