<h1>CBEC Issues New Foreign Exchange Rates for Imports and Exports u/s 14 of Customs Act, 1962.</h1> The Central Board of Excise and Customs (CBEC) has announced new exchange rates for foreign currencies concerning imported and exported goods, effective from March 22, 2013. This update, under section 14 of the Customs Act, 1962, replaces the previous notification. The exchange rates are specified for various currencies including the US Dollar, Euro, British Pound, and others, with distinct rates for imports and exports. For instance, the rate for the US Dollar is set at 54.95 for imports and 54.00 for exports. These rates are crucial for determining the value of goods traded internationally.