Finance Ministry Launches Automated Exchange Rate System for Customs Valuation, Live July 2024.

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....A circular issued by the Ministry of Finance announces the launch of the Exchange Rate Automation Module (ERAM) for customs valuation under the Customs Act. The ERAM aims to automate the process of issuing exchange rates based on daily rates from State Bank of India (SBI). Exchange rates will be adjusted to the nearest five paise and published on the ICEGATE website. Rates will be effective from midnight the following day and stored for future reference. Contingency plans are outlined for technical issues, and automated alerts will be sent in case of discrepancies. The automated system will replace manual notifications from the 1st Thursday of July 2024. Stakeholders are advised to follow the new process, with a link provided on the CBIC website for access to published rates.....