New Exchange Rates for Currency Conversion in Imports/Exports Set by CBIC via Notification 50/2023.

The Central Board of Indirect Taxes and Customs, under the Ministry of Finance, issued Notification No. 50/2023 on July 6, 2023, superseding Notification No. 44/2023. It establishes the exchange rates for foreign currencies into Indian rupees for imported and exported goods, effective from July 7, 2023. The notification includes specific rates for currencies such as the US Dollar, Euro, and Japanese Yen, among others, detailed in two schedules. This notification was later superseded by Notification No. 54/2023, effective from July 21, 2023.