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<h1>India Sets New Currency Exchange Rates for Imports and Exports per Customs Act Notification No. 116/2014</h1> The Government of India, through the Ministry of Finance's Central Board of Excise and Customs, issued Notification No. 116/2014 on December 18, 2014, under the Customs Act, 1962. Effective December 19, 2014, this notification sets the exchange rates for converting specified foreign currencies into Indian Rupees for imported and export goods. The rates vary for different currencies, such as the US Dollar at 63.85 for imports and 62.80 for exports, and the Euro at 79.15 for imports and 77.25 for exports. This notification supersedes the previous Notification No. 113/2014.