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In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.41/2020-Customs(N.T.), dated 6th May, 2020 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 22nd May, 2020, 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
Sl. 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 Exported Goods) |
1. | Australian Dollar | 50.90 | 48.65 |
2. | Bahraini Dinar | 207.20 | 194.20 |
3. | Canadian Dollar | 55.30 | 53.45 |
4. | Chinese Yuan | 10.80 | 10.50 |
5. | Danish Kroner | 11.35 | 10.95 |
6. | EURO | 84.55 | 81.50 |
7. | Hong Kong Dollar | 9.95 | 9.60 |
8. | Kuwaiti Dinar | 253.30 | 237.50 |
9. | New Zealand Dollar | 47.70 | 45.50 |
10. | Norwegian Kroner | 7.75 | 7.50 |
11. | Pound Sterling | 94.05 | 90.80 |
12. | Qatari Riyal | 21.30 | 20.00 |
13. | Saudi Arabian Riyal | 20.80 | 19.55 |
14. | Singapore Dollar | 54.40 | 52.60 |
15. | South African Rand | 4.35 | 4.05 |
16. | Swedish Kroner | 8.00 | 7.75 |
17. | Swiss Franc | 79.90 | 76.90 |
18. | Turkish Lira | 11.50 | 10.80 |
19. | UAE Dirham | 21.30 | 20.00 |
20. | US Dollar | 76.60 | 74.90 |
SCHEDULE-II
Sl. 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 | 71.65 | 69.10 |
2. | Korean Won | 6.35 | 5.95 |
Exchange rate determination for customs prescribes conversion rates for specified currencies for imports and exports. The board, under section 14 of the Customs Act, prescribes statutory conversion rates for specified foreign currencies for customs purposes, effective 22nd May, 2020, superseding the earlier notification. Distinct rates for imported and exported goods are set out in two schedules: Schedule I lists rates per one unit of currency and Schedule II lists rates per 100 units, with separate columns indicating the rate applicable for imports and for exports.
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