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of <h1>Ministry of Finance Sets New Exchange Rates for Foreign Currencies in Customs Act, Effective May 16, 2014</h1> Notification No. 41/2014 issued by the Ministry of Finance, Department of Revenue, Central Board of Excise and Customs, establishes the exchange rates for converting specified foreign currencies into Indian rupees for imported and export goods, effective from May 16, 2014. This notification supersedes the previous notification No. 38/2014. The rates are detailed in two schedules: Schedule-I lists rates for individual foreign currencies like the US Dollar, Euro, and others, while Schedule-II provides rates for 100 units of currencies such as the Japanese Yen and Kenya Shilling. These rates are applicable for customs purposes under the Customs Act, 1962.
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