<h1>CBIC Updates Exchange Rates for Currency Conversion under Customs Act, 1962, Effective May 17, 2019.</h1> The Central Board of Indirect Taxes and Customs (CBIC) has announced new exchange rates for converting foreign currencies into Indian rupees, effective from May 17, 2019, under the Customs Act, 1962. This supersedes the previous notification dated May 2, 2019. The rates apply to imported and exported goods, with different rates specified for each. For example, the exchange rate for the US Dollar is set at 71.15 for imports and 69.5 for exports. Other currencies listed include the Euro, Pound Sterling, and Japanese Yen, among others, each with distinct rates for import and export transactions.