In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.111/2014-CUSTOMS (N.T.), dated the 20th November, 2014 vide number S.O.2943 (E), dated the 20th November, 2014, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 5th December, 2014 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
SCHEDULE-I
S. No. | Foreign Currency | Rate of exchange of one unit of foreign currency equivalent to Indian rupees |
(1) | (2) | (3) |
| | (a) | (b) |
| | (For Imported Goods) | (For Export Goods) |
1. | Australian Dollar | 52.65 | 51.35 |
2. | Bahrain Dinar | 169.15 | 159.90 |
3. | Canadian Dollar | 55.20 | 53.95 |
4. | Danish Kroner | 10.40 | 10.10 |
5. | EURO | 77.20 | 75.35 |
6. | Hong Kong Dollar | 8.05 | 7.95 |
7. | Kuwait Dinar | 218.75 | 206.25 |
8. | New Zealand Dollar | 48.75 | 47.35 |
9. | Norwegian Kroner | 8.95 | 8.70 |
10. | Pound Sterling | 98.30 | 96.10 |
11. | Singapore Dollar | 47.70 | 46.70 |
12. | South African Rand | 5.70 | 5.35 |
13. | Saudi Arabian Riyal | 17.00 | 16.05 |
14. | Swedish Kroner | 8.35 | 8.15 |
15. | Swiss Franc | 64.25 | 62.60 |
16. | UAE Dirham | 17.35 | 16.40 |
17. | US Dollar | 62.50 | 61.50 |
SCHEDULE-II
S. No. | Foreign Currency | Rate of exchange of 100 units of foreign currency equivalent to Indian rupees |
(1) | (2) | (3) |
| | (a) | (b) |
| | (For Imported Goods) | (For Export Goods) |
1. | Japanese Yen | 52.30 | 51.10 |
2. | Kenya Shilling | 70.80 | 66.75 |
Exchange Rate Determination sets prescribed import and export currency conversion rates under Customs Act, effective per the Board's notification. The Board prescribes distinct rupee conversion rates for specified foreign currencies for imported and export goods, superseding the preceding notification except as to prior actions; rates are set out in Schedule I (per unit) and Schedule II (per 100 units) and apply for customs valuation and conversion purposes from the notification's effective date.
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