Exchange rate determination sets differing import and export currency conversion rates effective for customs valuation from August. The notification prescribes conversion rates for specified foreign currencies into Indian rupees, with distinct rates for imported and export goods, effective from 3rd August, 2018, superseding the prior exchange rate notification except for prior acts. Rates are set out in two schedules-per unit equivalents in Schedule I and a 100 unit equivalent in Schedule II-and apply for customs valuation and conversion in cross border goods transactions.