Rate of exchange amendment updates specified foreign currency exchange rates for customs valuation and tariff calculation. Central Government, exercising powers under sub clause (i) of clause (a) of sub section (3) of section 14 of the Customs Act, 1962, substitutes specified serial entries in the Schedule to the 1 January 1986 customs notification by replacing prior entries with newly prescribed rates of exchange for listed foreign currencies, thereby updating the official exchange rates used for customs tariff calculations.
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Provisions expressly mentioned in the judgment/order text.
Rate of exchange amendment updates specified foreign currency exchange rates for customs valuation and tariff calculation.
Central Government, exercising powers under sub clause (i) of clause (a) of sub section (3) of section 14 of the Customs Act, 1962, substitutes specified serial entries in the Schedule to the 1 January 1986 customs notification by replacing prior entries with newly prescribed rates of exchange for listed foreign currencies, thereby updating the official exchange rates used for customs tariff calculations.
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