Exchange rate determination for customs: specified currency conversion rates set for import and export valuation purposes. Determination of exchange rates for customs valuation is prescribed by notification issued under Exchange Rate Determination powers, superseding the prior notification and fixing conversion rates for specified foreign currencies for import and export purposes. The mechanism distinguishes rates for imported goods and exported goods through two annexed schedules listing currencies with corresponding conversion rates to be used by customs officials and traders for assessing value and computing duties.
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Provisions expressly mentioned in the judgment/order text.
Exchange rate determination for customs: specified currency conversion rates set for import and export valuation purposes.
Determination of exchange rates for customs valuation is prescribed by notification issued under Exchange Rate Determination powers, superseding the prior notification and fixing conversion rates for specified foreign currencies for import and export purposes. The mechanism distinguishes rates for imported goods and exported goods through two annexed schedules listing currencies with corresponding conversion rates to be used by customs officials and traders for assessing value and computing duties.
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