Exchange Rate Determination sets official foreign-to-rupee conversion rates for import and export valuation effective from early June. Determination under section 14 of the Customs Act, 1962 prescribes that, with effect from 4th June, 2021, the rates of exchange set out in Schedules I and II shall be the official conversion rates for specified foreign currencies into Indian rupees (and vice versa) for the purpose of customs valuation of imported and exported goods, and supersedes the earlier notification dated 20th May, 2021 except as to prior actions.