Exchange rate determination under Customs Act fixes foreign currency conversion rates for import and export valuation and compliance. The Central Board of Excise and Customs, under section 14 of the Customs Act, prescribes distinct conversion rates for specified foreign currencies into Indian rupees for import and export purposes effective from 19th September, 2014, set out in two schedules (unit rates and per 100 unit rates); these rates supersede the earlier September notification except as to past actions and are to be applied by customs authorities for valuation and related customs calculations.
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Provisions expressly mentioned in the judgment/order text.
Exchange rate determination under Customs Act fixes foreign currency conversion rates for import and export valuation and compliance.
The Central Board of Excise and Customs, under section 14 of the Customs Act, prescribes distinct conversion rates for specified foreign currencies into Indian rupees for import and export purposes effective from 19th September, 2014, set out in two schedules (unit rates and per 100 unit rates); these rates supersede the earlier September notification except as to past actions and are to be applied by customs authorities for valuation and related customs calculations.
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