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of <h1>India Sets New Currency Exchange Rates for Imports and Exports Under Customs Act 1962, Notification No. 121/2016.</h1> The Government of India, through the Ministry of Finance and the Central Board of Excise and Customs, issued Notification No. 121/2016 on September 15, 2016, under the Customs Act, 1962. This notification supersedes the previous Notification No. 119/2016 and establishes the exchange rates for converting specified foreign currencies into Indian Rupees for import and export purposes, effective from September 16, 2016. The notification includes detailed exchange rates for various currencies such as the US Dollar, Euro, and Japanese Yen, applicable to both imported and exported goods, as listed in Schedules I and II.
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