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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. 36/2023-Customs(N.T.), dated 18th May, 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 2nd June, 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 | 55.00 | 52.65 |
2. | Bahraini Dinar | 225.85 | 212.40 |
3. | Canadian Dollar | 61.90 | 59.85 |
4. | Chinese Yuan | 11.80 | 11.45 |
5. | Danish Kroner | 12.05 | 11.65 |
6. | EURO | 89.85 | 86.70 |
7. | Hong Kong Dollar | 10.70 | 10.35 |
8. | Kuwaiti Dinar | 276.90 | 260.30 |
9. | New Zealand Dollar | 51.00 | 48.70 |
10. | Norwegian Kroner | 7.60 | 7.35 |
11. | Pound Sterling | 104.45 | 101.00 |
12. | Qatari Riyal | 23.40 | 21.95 |
13. | Saudi Arabian Riyal | 22.60 | 21.35 |
14. | Singapore Dollar | 62.10 | 60.10 |
15. | South African Rand | 4.30 | 4.05 |
16. | Swedish Kroner | 7.75 | 7.50 |
17. | Swiss Franc | 92.40 | 89.00 |
18. | Turkish Lira | 4.10 | 3.85 |
19. | UAE Dirham | 23.20 | 21.80 |
20. | US Dollar | 83.40 | 81.70 |
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 | 60.15 | 58.25 |
2. | Korean Won | 6.45 | 6.05 |
Exchange rate determination under Customs Act fixes specified import and export currency conversion rates effective early June. The Central Board of Indirect Taxes and Customs prescribes distinct conversion rates for specified foreign currencies into Indian rupees for imported and export goods, annexed as Schedule I (per unit) and Schedule II (per 100 units), superseding the prior notification except for prior actions, and declares the rates to operate from the stated effective date for customs valuation purposes.
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