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of <h1>India Sets New Customs Exchange Rates for Import/Export Transactions Effective December 18, 2020, per Notification No. 113/2020.</h1> Notification No. 113/2020-Customs (N.T.) issued by the Government of India on December 17, 2020, under the Customs Act, 1962, establishes exchange rates for converting foreign currencies into Indian rupees for customs purposes. Effective December 18, 2020, the notification specifies rates for various currencies for both imported and exported goods. For example, the exchange rate for the US Dollar is set at 74.45 for imports and 72.75 for exports. This notification supersedes the previous Notification No. 110/2020 and is later replaced by Notification No. 03/2021.
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