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of <h1>New Customs Notification Sets Exchange Rates for Foreign Currencies to Calculate Stamp and Customs Duties in India</h1> The Central Government of India has issued Notification No. 17/2001-Customs (N.T.), effective from May 1, 2001, superseding Notification No. 13/2001-Cus.(N.T.). This notification, under the Indian Stamp Act, 1899, and the Customs Act, 1962, prescribes exchange rates for converting specified foreign currencies into Indian Rupees for calculating stamp duty and determining customs duties on imported goods. Schedule I lists the exchange rates for individual foreign currencies, while Schedule II provides rates for 100 units of certain currencies. The notification is issued by the Ministry of Finance, Department of Revenue.
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