Customs valuation and exchange-rate rules were aligned for imported goods, with defined currency conversion rates governing assessment timing. Customs valuation for imported goods was amended so that the price under section 14 is calculated with reference to the rate of exchange in force on the relevant date under section 15. Section 15 was also revised to include 'rate of exchange' and to define it as the Central Government rate for conversion between Indian and foreign currency, with currency meanings taken from the Foreign Exchange Regulation Act, 1947. The amendment Act repealed the earlier Ordinance while saving actions taken under it.
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Customs valuation and exchange-rate rules were aligned for imported goods, with defined currency conversion rates governing assessment timing.
Customs valuation for imported goods was amended so that the price under section 14 is calculated with reference to the rate of exchange in force on the relevant date under section 15. Section 15 was also revised to include "rate of exchange" and to define it as the Central Government rate for conversion between Indian and foreign currency, with currency meanings taken from the Foreign Exchange Regulation Act, 1947. The amendment Act repealed the earlier Ordinance while saving actions taken under it.
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