In accordance with Section 14 of the Customs Act, 1962, the Central Board of Excise and Customs releases Exchange Rate Notification for valuation of goods for purposes of assessment under the said Act. In international trade, the value of goods is determined by converting the foreign currency into INR using the customs exchange rate. This is the deemed value of goods on which a duty of customs will be chargeable.
The Central Board of Excise and Customs (CBEC) on February 16, 2017 has issued an exchange rate notification giving the rate of exchange of conversion of the below mentioned foreign currencies in Indian rupees which shall be effective from February 17, 2016:
Notification No.12/2017 - Customs (N.T.)