In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.55/2020-Customs(N.T.), dated 2nd July, 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 17th July, 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 | 53.80 | 51.50 |
2. | Bahraini Dinar | 206.00 | 193.45 |
3. | Canadian Dollar | 56.70 | 54.75 |
4. | Chinese Yuan | 10.90 | 10.60 |
5. | Danish Kroner | 11.75 | 11.30 |
6. | EURO | 87.35 | 84.25 |
7. | Hong Kong Dollar | 9.90 | 9.55 |
8. | Kuwaiti Dinar | 252.35 | 236.90 |
9. | New Zealand Dollar | 50.70 | 48.45 |
10. | Norwegian Kroner | 8.20 | 7.95 |
11. | Pound Sterling | 96.10 | 92.85 |
12. | Qatari Riyal | 21.35 | 20.05 |
13. | Saudi Arabian Riyal | 20.70 | 19.45 |
14. | Singapore Dollar | 54.95 | 53.15 |
15. | South African Rand | 4.65 | 4.35 |
16. | Swedish Kroner | 8.40 | 8.15 |
17. | Swiss Franc | 81.15 | 78.05 |
18. | Turkish Lira | 11.30 | 10.65 |
19. | UAE Dirham | 21.15 | 19.85 |
20. | US Dollar | 76.10 | 74.40 |
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 | 69.05 |
2. | Korean Won | 6.45 | 6.05 |
Exchange rate determination for customs valuation sets separate import and export conversion rates for selected foreign currencies. The Central Board fixes conversion rates for specified foreign currencies into Indian rupees for customs purposes, with separate rates for imported goods and exported goods set out in two schedules. The notification supersedes the prior notification insofar as it affects future application but preserves actions taken before supersession. The scheduled rates apply with effect from the stated effective date and are to be used for customs assessment and related compliance.
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