Exchange rate determination: prescribed currency conversion rates now govern stamp duty and customs valuation consequences. The Central Government prescribes specific foreign to Indian currency conversion rates for calculating stamp duty under the Indian Stamp Act and for purposes of section 14 of the Customs Act insofar as those provisions relate to imported goods. The notification supersedes the prior notification and specifies that the exchange rate for each foreign currency listed in Schedule I and Schedule II shall, with effect from the stated effective date, be the rate shown opposite that currency for conversion into Indian currency or vice versa.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exchange rate determination: prescribed currency conversion rates now govern stamp duty and customs valuation consequences.
The Central Government prescribes specific foreign to Indian currency conversion rates for calculating stamp duty under the Indian Stamp Act and for purposes of section 14 of the Customs Act insofar as those provisions relate to imported goods. The notification supersedes the prior notification and specifies that the exchange rate for each foreign currency listed in Schedule I and Schedule II shall, with effect from the stated effective date, be the rate shown opposite that currency for conversion into Indian currency or vice versa.
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