Exchange rate determination for import valuation establishes specified foreign currency conversion rates and schedules under Customs Act authority. The Board, under section 14(3)(a)(i) of the Customs Act, 1962, fixes specified conversion rates for listed foreign currencies into Indian rupees for imported goods, superseding the prior notification. Rates are presented in two schedules: Schedule I gives the rate per one unit of each listed currency and Schedule II gives the rate per one hundred units where applicable; these rates are to be applied for import valuation and customs purposes from the stated effective date.
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Provisions expressly mentioned in the judgment/order text.
Exchange rate determination for import valuation establishes specified foreign currency conversion rates and schedules under Customs Act authority.
The Board, under section 14(3)(a)(i) of the Customs Act, 1962, fixes specified conversion rates for listed foreign currencies into Indian rupees for imported goods, superseding the prior notification. Rates are presented in two schedules: Schedule I gives the rate per one unit of each listed currency and Schedule II gives the rate per one hundred units where applicable; these rates are to be applied for import valuation and customs purposes from the stated effective date.
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