Launch of Exchange Rate Automation Module (ERAM)

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....In terms of section 14 of the Customs Act, the value of any imported goods or export goods shall be calculated with reference to the rate of exchange as in force on the date on which a bill of entry is presented under section 46, or a shipping bill/bill of export is presented under section 50. For this purpose, Board currently notifies exchange rates of 22 currencies (listed at Annexure) twice a month, i.e. every 1st and 3rd Thursdays. These notified exchange rates become effective from midnight of the following day. Where a due date, i.e. 1st or 3rd Thursday, falls on a holiday, the rates are notified on the previous working day. 1.1 Further, on a given day, if it is noticed that exchange rate of a currency has fluctuated more than +/- ....

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....ing day. For instance, exchange rates published on the evening of 11th July 2024 shall come into force from 00:00 hrs of 12th July 2024 and shall remain in force till the next revision. 6. The published exchange rates will be stored and shall remain accessible on ICEGATE for future reference, so as to enable a user to check the exchange rates for a previous date. 7  As a contingency plan for catering to any technical snag, the following procedure shall be followed for ensuring uninterrupted accessibility of exchange rates at any given time: (i) Nodal Officers have been appointed in the SBI, Board, ICD (Patparganj), Air Cargo Complex (Bengaluru) and DG (Systems) to monitor and manually intervene, where needed. (i....

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.... of exchange rates, as above, shall come into effect from 1st Thursday of July 2024. i.e. 4th July. 2024, upon which the existing system of notifying exchange rates through a notification would be dispensed with. A link shall be provided on the CBIC website which will take the user to the ICEGATE website, where the published rates will be available for viewing. 9. Suitable Public Notice may be issued for guidance of the stakeholders. Difficulty faced, if any, in implementation may be brought to the notice of the Board. Yours sincerely, (Komila Punia) Deputy Secretary   Annexure List of Currencies 1 . Australian Dollar 12. Qatari Riyal 2. Bahraini Dinar 13. Saudi....