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of <h1>Central Government Updates Exchange Rates for Import Conversion Under Customs Act, Effective January 1, 1997</h1> Notification No. 61/96-Cus.(N.T.), dated December 26, 1996, issued by the Central Government, supersedes Notification No. 57/96-Cus. (N.T.) regarding exchange rates for imported goods. This notification, under the Indian Stamp Act, 1899 and the Customs Act, 1962, prescribes the exchange rates for converting specified foreign currencies into Indian rupees, effective January 1, 1997. The rates are detailed in two schedules: Schedule I lists individual foreign currency units, and Schedule II lists rates for 100 units of certain currencies. For example, the U.S. Dollar is set at 36.00 INR, and the Pound Sterling at 60.35 INR.
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