Rate of exchange determination under Customs Act provision fixes official foreign currency conversion rates affecting customs transactions. Determination of official rate of exchange for specified foreign currencies under the Customs Act provision, effective 1 April 1986, superseding the earlier 1 January notification. The Central Government prescribes the units of each listed foreign currency equivalent to Rs.100 for conversion into Indian currency or vice versa, and provides a Schedule of eighteen currencies with corresponding exchange rates to be used for customs valuation and related statutory 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.
Rate of exchange determination under Customs Act provision fixes official foreign currency conversion rates affecting customs transactions.
Determination of official rate of exchange for specified foreign currencies under the Customs Act provision, effective 1 April 1986, superseding the earlier 1 January notification. The Central Government prescribes the units of each listed foreign currency equivalent to Rs.100 for conversion into Indian currency or vice versa, and provides a Schedule of eighteen currencies with corresponding exchange rates to be used for customs valuation and related statutory purposes.
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