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of <h1>New Exchange Rates for Customs: Notification No. 70/2022 Replaces 66/2022, Effective August 19, 2022.</h1> The Central Board of Indirect Taxes and Customs, under the Ministry of Finance, issued Notification No. 70/2022 on August 18, 2022, superseding Notification No. 66/2022. This notification, effective from August 19, 2022, sets the exchange rates for converting specified foreign currencies into Indian rupees for imported and exported goods. The rates are detailed in two schedules: Schedule I lists individual foreign currencies like the US Dollar and Euro, while Schedule II includes rates for 100 units of currencies like the Japanese Yen and Korean Won. These rates are crucial for customs purposes under the Customs Act, 1962.
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