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<h1>India Updates Exchange Rates for Import Duties Under Customs Act, 1962; New Rates Effective from May 1, 1995.</h1> The Central Government of India has amended Notification No. 21/95-Cus. (N.T.) regarding exchange rates for imported goods, effective from May 1, 1995. This amendment, under the Indian Stamp Act, 1899, and the Customs Act, 1962, prescribes the exchange rates for converting specified foreign currencies into Indian rupees for calculating stamp duty and customs purposes. Schedule I lists the exchange rate for one unit of various foreign currencies, including the U.S. Dollar at 31.55 INR and the Pound Sterling at 50.98 INR. Schedule II provides rates for 100 units of other currencies, such as Japanese Yen at 38.27 INR.