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<h1>Government of India Sets New Currency Exchange Rates for Imports and Exports, Effective February 7, 2014, under Customs Act Section 14.</h1> The notification issued by the Government of India's Ministry of Finance, Department of Revenue, specifies the exchange rates for converting various foreign currencies into Indian rupees, effective from February 7, 2014. This is in accordance with Section 14 of the Customs Act, 1962. The rates are detailed for both imported and exported goods. For instance, the exchange rate for the US Dollar is set at 62.95 INR for imports and 61.95 INR for exports. The document supersedes a previous notification issued on January 16, 2014, except for actions already taken under that notification.