India Updates Foreign Exchange Rates for Imports/Exports Under Customs Act, 1962, Effective October 20, 2023.

The Government of India's Ministry of Finance, through the Central Board of Indirect Taxes and Customs, issued Notification No. 76/2023 on October 19, 2023, under the Customs Act, 1962. This notification supersedes the previous Notification No. 73/2023, setting new exchange rates for foreign currencies against the Indian rupee for imported and export goods, effective October 20, 2023. The exchange rates are detailed in two schedules: Schedule I lists rates for one unit of various foreign currencies, and Schedule II provides rates for 100 units of specific currencies like the Japanese Yen and Korean Won.

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