In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 97/2022-Customs(N.T.), dated 17th November, 2022 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 2nd December, 2022, 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 Export Goods) |
1. | Australian Dollar | 56.45 | 54.05 |
2. | Bahraini Dinar | 222.00 | 208.75 |
3. | Canadian Dollar | 61.50 | 59.45 |
4. | Chinese Yuan | 11.65 | 11.30 |
5. | Danish Kroner | 11.55 | 11.20 |
6. | EURO | 86.15 | 83.10 |
7. | Hong Kong Dollar | 10.60 | 10.20 |
8. | Kuwaiti Dinar | 272.40 | 256.10 |
9. | New Zealand Dollar | 52.70 | 50.35 |
10. | Norwegian Kroner | 8.40 | 8.10 |
11. | Pound Sterling | 99.75 | 96.40 |
12. | Qatari Riyal | 23.00 | 21.40 |
13. | Saudi Arabian Riyal | 22.25 | 20.95 |
14. | Singapore Dollar | 60.75 | 58.75 |
15. | South African Rand | 4.90 | 4.60 |
16. | Swedish Kroner | 7.85 | 7.60 |
17. | Swiss Franc | 87.70 | 84.45 |
18. | Turkish Lira | 4.50 | 4.20 |
19. | UAE Dirham | 22.80 | 21.45 |
20. | US Dollar | 82.00 | 80.30 |
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 | 60.30 | 58.35 |
2. | Korean Won | 6.40 | 6.05 |
Exchange rate determination for customs: updated conversion rates for import and export goods now take legal effect. CBIC determines exchange rates under section 14 of the Customs Act for conversion between specified foreign currencies and Indian rupees for imported and export goods, superseding the prior notification while preserving earlier actions. The notification takes effect from the stated date and prescribes separate import and export conversion rates in Schedule I and 100 unit rates in Schedule II to govern customs valuation and conversion procedures.
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