Exchange Rate Determination sets new import conversion rates under Customs Act, affecting valuation of imported goods. The government, exercising powers under the Customs Act, prescribes specific conversion rates for designated foreign currencies into Indian currency for import-related customs valuation, superseding the prior notification and providing two schedules: one giving rupee equivalents per unit of listed currencies and another giving the rupee equivalent for one hundred units of Japanese Yen; those listed rates are to be used for conversion in import transactions under the referenced statutory provision.
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Provisions expressly mentioned in the judgment/order text.
Exchange Rate Determination sets new import conversion rates under Customs Act, affecting valuation of imported goods.
The government, exercising powers under the Customs Act, prescribes specific conversion rates for designated foreign currencies into Indian currency for import-related customs valuation, superseding the prior notification and providing two schedules: one giving rupee equivalents per unit of listed currencies and another giving the rupee equivalent for one hundred units of Japanese Yen; those listed rates are to be used for conversion in import transactions under the referenced statutory provision.
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