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of <h1>Government Notification Sets New Exchange Rates for Import Duties Under Indian Stamp Act and Customs Act</h1> The notification issued by the Central Government on November 29, 1994, prescribes exchange rates for the import of goods, effective December 1, 1994. It supersedes a previous notification and is enacted under the Indian Stamp Act, 1899, and the Customs Act, 1962. The exchange rates for various foreign currencies, including the U.S. Dollar, British Pound, and Japanese Yen, are specified in two schedules. Schedule I lists the exchange rate for one unit of currency, while Schedule II provides rates for 100 units of currency, facilitating the calculation of stamp duty and customs duties for imported goods.
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