Exchange rate determination sets prescribed conversion rates for specified foreign currencies for import and export valuation. The Central Board of Indirect Taxes and Customs, under section 14 of the Customs Act, 1962, determines that the rupee conversion rates specified in Schedule I and Schedule II shall, with effect from 22nd July, 2022, be the rates for converting each listed foreign currency into Indian rupees (and vice versa) for purposes relating to imported and export goods; Schedule I provides per unit rates and Schedule II provides rates per 100 units, each with separate import and export columns.