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of <h1>CBEC Updates Foreign Currency Conversion Rates for Imports and Exports Effective August 16, 2012, Under Customs Act 1962.</h1> The Central Board of Excise and Customs (CBEC) has issued updated foreign currency conversion rates for import and export transactions effective from August 16, 2012, under the authority of the Customs Act, 1962. This update supersedes the previous notification from August 1, 2012. The rates are specified for various currencies, including the US Dollar, Euro, and Japanese Yen, among others, for both imported and exported goods. For instance, the conversion rate for one US Dollar is set at 55.95 INR for imports and 55.15 INR for exports.
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