In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 12/2023-Customs(N.T.), dated 2nd March, 2023 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 March, 2023, 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 | 56.15 | 53.70 |
2. | Bahraini Dinar | 226.55 | 213.10 |
3. | Canadian Dollar | 61.20 | 59.25 |
4. | Chinese Yuan | 12.15 | 11.80 |
5. | Danish Kroner | 12.00 | 11.60 |
6. | EURO | 89.35 | 86.20 |
7. | Hong Kong Dollar | 10.75 | 10.35 |
8. | Kuwaiti Dinar | 278.35 | 261.75 |
9. | New Zealand Dollar | 52.35 | 50.05 |
10. | Norwegian Kroner | 7.85 | 7.60 |
11. | Pound Sterling | 101.70 | 98.30 |
12. | Qatari Riyal | 23.45 | 21.95 |
13. | Saudi Arabian Riyal | 22.75 | 21.40 |
14. | Singapore Dollar | 62.30 | 60.30 |
15. | South African Rand | 4.65 | 4.35 |
16. | Swedish Kroner | 7.95 | 7.70 |
17. | Swiss Franc | 90.70 | 87.30 |
18. | Turkish Lira | 4.50 | 4.25 |
19. | UAE Dirham | 23.25 | 21.85 |
20. | US Dollar | 83.70 | 81.95 |
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 | 63.40 | 61.40 |
2. | Korean Won | 6.50 | 6.10 |
Exchange rate determination sets specified foreign currency conversion rates for import and export valuation under customs law. Determination fixes specified foreign currency conversion rates for customs valuation, with distinct import and export rates set out in Schedule I and Schedule II, and supersedes the prior notification except as to past actions; the rates take effect on the stated effective date for use in valuation and conversion of listed currencies.
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