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<h1>India Sets New Currency Exchange Rates for Imports/Exports Effective May 6, 2016, under Customs Act Section 14.</h1> The Government of India, through the Ministry of Finance's Department of Revenue and the Central Board of Excise and Customs, issued Notification No. 64/2016 on May 5, 2016. This notification determines the exchange rates for converting specified foreign currencies into Indian Rupees for imported and export goods, effective from May 6, 2016, under section 14 of the Customs Act, 1962. The rates are listed in two schedules: Schedule I for individual currency units and Schedule II for 100 units of currency, covering currencies such as the US Dollar, Euro, Japanese Yen, and others. This notification supersedes the previous Notification No. 55/2016.