Exchange rate determination for customs: prescribed import and export conversion rates set for listed foreign currencies. The Central Board of Indirect Taxes and Customs, under section 14 of the Customs Act, determines conversion rates for specified foreign currencies into Indian rupees for imported and exported goods, superseding the prior notification while preserving prior actions. Two schedules set distinct import and export conversion rates-Schedule I for per unit currency rates and Schedule II for rates per 100 units-effective from 7th May, 2020 for customs valuation and related application.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exchange rate determination for customs: prescribed import and export conversion rates set for listed foreign currencies.
The Central Board of Indirect Taxes and Customs, under section 14 of the Customs Act, determines conversion rates for specified foreign currencies into Indian rupees for imported and exported goods, superseding the prior notification while preserving prior actions. Two schedules set distinct import and export conversion rates-Schedule I for per unit currency rates and Schedule II for rates per 100 units-effective from 7th May, 2020 for customs valuation and related application.
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