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of <h1>India Sets New Exchange Rates for Exports Under Customs Act, 1962; Effective July 1, 1994</h1> The Central Government of India, under the Customs Act, 1962, has issued a notification determining the exchange rates for export goods effective from July 1, 1994. This notification supersedes a previous one dated May 27, 1994. The exchange rates are specified for various foreign currencies against the Indian rupee. For example, the rate for the U.S. Dollar is 31.27 INR, the Pound Sterling is 48.32 INR, and the Japanese Yen is 30.91 INR per 100 units. These rates are applicable for the conversion of foreign currencies into Indian currency for export purposes.
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