<h1>Customs Act Update: New Foreign Currency Exchange Rates for Imports/Exports Effective July 18, 2014.</h1> The Central Board of Excise and Customs has updated the exchange rates for foreign currencies concerning imported and exported goods, effective from July 18, 2014. This supersedes the previous notification dated July 3, 2014. The rates are specified for various currencies, including the US Dollar, Euro, and Japanese Yen, among others. For example, the exchange rate for the US Dollar is set at 60.70 INR for imports and 59.70 INR for exports. These rates are crucial for determining the conversion of foreign currencies into Indian Rupees for customs purposes under the Customs Act, 1962.