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of <h1>Government Updates Exchange Rates for Foreign Currencies in Customs Act, 1962; Effective January 1, 2004</h1> Notification No. 114/2003-Customs (N.T.) issued on December 26, 2003, by the Government of India, specifies the exchange rates for converting foreign currencies into Indian rupees effective January 1, 2004, for imported goods under the Customs Act, 1962. This notification supersedes a previous notification dated November 24, 2003. The exchange rates are detailed in two schedules: Schedule I lists rates per unit of foreign currency, including the US Dollar at 45.75 INR, and Schedule II lists rates per 100 units, including the Japanese Yen at 42.65 INR.
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