New Customs Notification Sets Exchange Rates for Stamp Duty and Imports Under Section 14, Effective February 1, 2002.
Notification No. 7/2002-Customs (N.T.), dated January 28, 2002, issued by the Central Government, supersedes Notification No. 63/2001-Cus. (N.T.). It prescribes exchange rates for calculating stamp duty under the Indian Stamp Act, 1899, and for purposes related to imported goods under Section 14 of the Customs Act, 1962. Effective February 1, 2002, the notification specifies exchange rates for various foreign currencies against the Indian Rupee. Schedule I lists rates for individual foreign currency units, while Schedule II provides rates for 100 units of certain currencies.
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