Exchange rate determination sets official currency conversion rates for customs and stamp duty on imported goods. Prescribes official exchange rates to be used for calculating stamp duty and for determinations under the Customs Act in relation to imported goods, superseding the earlier notification and fixing operative conversion rates effective from the stated date. Schedule I provides rates per one unit of specified foreign currencies; Schedule II provides rates per one hundred units of specified foreign currencies. The rates listed in these schedules are to be applied for conversion into Indian currency or vice versa for customs and stamp duty purposes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exchange rate determination sets official currency conversion rates for customs and stamp duty on imported goods.
Prescribes official exchange rates to be used for calculating stamp duty and for determinations under the Customs Act in relation to imported goods, superseding the earlier notification and fixing operative conversion rates effective from the stated date. Schedule I provides rates per one unit of specified foreign currencies; Schedule II provides rates per one hundred units of specified foreign currencies. The rates listed in these schedules are to be applied for conversion into Indian currency or vice versa for customs and stamp duty purposes.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
