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of <h1>Customs Act Update: New Exchange Rates for Specific Foreign Currency Effective February 2, 2016, for Imports and Exports.</h1> The Central Board of Excise and Customs, under the Ministry of Finance, issued Notification No. 17/2016 on February 1, 2016, amending a previous notification dated January 21, 2016. Effective from February 2, 2016, the amendment updates the exchange rate for a specific foreign currency in Schedule-I. For imported goods, the rate is set at 4.40 Indian rupees per unit, and for export goods, it is 4.15 Indian rupees per unit. This adjustment is made under the authority of Section 14 of the Customs Act, 1962.
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