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<h1>New Foreign Exchange Rates for Imports and Exports Set by Tax Board Effective May 3, 2024.</h1> The Central Board of Indirect Taxes and Customs has issued a new notification superseding the previous one, determining the exchange rates for foreign currencies against the Indian Rupee effective from May 3, 2024. These rates apply to both imported and exported goods. For instance, the exchange rate for the US Dollar is set at 84.35 INR for imports and 82.60 INR for exports. Other currencies like the Euro, Pound Sterling, and Japanese Yen also have specified rates for conversion. This adjustment is made under the authority of the Customs Act, 1962.
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