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of <h1>India Sets Foreign Currency Exchange Rates for Customs and Stamp Duty under Notification No. 43/94-Cus. (N.T.)</h1> The Central Government of India issued Notification No. 43/94-Cus. (N.T.) on August 26, 1994, under the Indian Stamp Act, 1899, and the Customs Act, 1962, to prescribe exchange rates for imported goods. Effective from September 1, 1994, the notification sets the conversion rates for various foreign currencies into Indian rupees for calculating stamp duty and customs duties. The specified rates include, among others, 31.55 INR for 1 U.S. Dollar, 48.95 INR for 1 Pound Sterling, and 31.74 INR for 100 Japanese Yen, as detailed in Schedules I and II of the notification.
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