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of <h1>Indian Government Sets New Currency Exchange Rates for Exports Under Customs Act, 1962, Effective May 1, 2002</h1> The Central Government of India, under the powers granted by the Customs Act, 1962, has issued Notification No. 23/2002-Customs (N.T.) to supersede Notification No. 21/2002-Cus. (N.T.). Effective from May 1, 2002, this notification establishes the exchange rates for converting specified foreign currencies into Indian Rupees for export goods. The rates are detailed in two schedules, with currencies such as the US Dollar set at 48.75 INR per 100 units and the Japanese Yen at 37.50 INR per 100 units. This notification is issued by the Ministry of Finance, Department of Revenue.
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