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of <h1>India Updates Currency Exchange Rates for Imports/Exports: Notification No. 55/2016 Supersedes Previous Rates.</h1> The Government of India, through the Ministry of Finance and the Central Board of Excise and Customs, issued Notification No. 55/2016 on April 21, 2016, under the Customs Act, 1962. This notification supersedes the previous Notification No. 48/2016 and establishes new exchange rates for converting specified foreign currencies into Indian rupees for import and export purposes, effective April 22, 2016. The rates are detailed in two schedules, with Schedule I covering currencies like the US Dollar, Euro, and Australian Dollar, and Schedule II covering the Japanese Yen and Kenya Shilling.
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