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of <h1>India Updates Currency Conversion Rates for Customs Duties Under Notification No. 119/2016 Effective September 2, 2016.</h1> The Government of India, through the Ministry of Finance's Department of Revenue, issued Notification No. 119/2016 on September 1, 2016, under the Customs Act, 1962. This notification supersedes the previous notification No. 112/2016 and sets the exchange rates for converting specified foreign currencies into Indian Rupees for imported and export goods, effective from September 2, 2016. The rates are detailed in two schedules: Schedule I lists individual foreign currency rates, while Schedule II provides rates for 100 units of certain currencies. This notification is relevant for calculating customs duties on foreign trade transactions.
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