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of <h1>India Sets New Forex Conversion Rates for Imports and Exports; Effective May 1, 2012, per Notification No. 38/2012.</h1> The Government of India, through the Ministry of Finance's Department of Revenue and the Central Board of Excise and Customs, issued Notification No. 38/2012 on April 26, 2012. This notification, effective May 1, 2012, sets the exchange rates for converting specified foreign currencies into Indian Rupees for import and export purposes. The rates are outlined in two schedules, with Schedule I detailing rates for individual currency units and Schedule II for 100 units of Japanese Yen. This notification supersedes the previous Notification No. 26/2012, except for actions completed prior to its issuance.
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