Exchange rate determination for export valuation sets specified foreign currency conversion rates effective from May for customs purposes. The Board, exercising powers under the Customs Act, superseded an earlier notification and prescribed specific rates of exchange for conversion of designated foreign currencies into Indian rupees for export goods; these rates, set out in two schedules (unit rates for major currencies and a per 100 rate for Japanese Yen), take effect from 1st May and serve as the operative exchange rate table for customs export valuation.
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Provisions expressly mentioned in the judgment/order text.
Exchange rate determination for export valuation sets specified foreign currency conversion rates effective from May for customs purposes.
The Board, exercising powers under the Customs Act, superseded an earlier notification and prescribed specific rates of exchange for conversion of designated foreign currencies into Indian rupees for export goods; these rates, set out in two schedules (unit rates for major currencies and a per 100 rate for Japanese Yen), take effect from 1st May and serve as the operative exchange rate table for customs export valuation.
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