<h1>Exchange rate determination for customs conversions: notified foreign currency rates now govern import and export valuation under the Customs Act.</h1> The Central Board of Excise & Customs determines the rate of exchange for specified foreign currencies for valuation of imported and export goods under the Section 14 of the Customs Act, 1962, superseding the prior notification and fixing separate conversion rates for imports and exports effective 4th December, 2015, as set out in Schedule I (per unit rates for multiple currencies) and Schedule II (rates per 100 units).