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        Case ID :
        Income Tax

        Amended Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified

        December 18, 2014

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        In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 113/2014-CUSTOMS (N.T.) dated the 4th December, 2014 published in the Gazette Of India, Part-II, Section 3, Sub-Section (ii), Extraordinary vide number S.O.3066 (E) dated, the 4th December, 2014, namely:-

        In the SCHEDULE-II of the said Notification, for Serial No. 1 and the entries relating thereto, the following shall be substituted, namely:-

        SCHEDULE-II

        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.

        Japanese Yen

        55.20

        53.90

         
        Exchange rate amendment: revised foreign currency valuation for import and export goods alters customs valuation basis. The Central Board of Excise & Customs, under Section 14 of the Customs Act, 1962, amends Notification No. 113/2014-CUSTOMS (N.T.) by substituting Serial No. 1 in Schedule-II to revise the rate of exchange for the Japanese Yen for purposes of assessing imported goods and export goods, thereby changing the foreign currency valuation applied for customs assessment.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Exchange rate amendment: revised foreign currency valuation for import and export goods alters customs valuation basis.

                                The Central Board of Excise & Customs, under Section 14 of the Customs Act, 1962, amends Notification No. 113/2014-CUSTOMS (N.T.) by substituting Serial No. 1 in Schedule-II to revise the rate of exchange for the Japanese Yen for purposes of assessing imported goods and export goods, thereby changing the foreign currency valuation applied for customs assessment.


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