CBEC notifies Exchange Rate of Foreign Currency Relating to Imported and Export Goods as on 2018-03-16

Mar 16, 2018 | by Avantis RegTech Legal Research Team

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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 March 15, 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 March 16, 2017:

·       Australian Dollar

·       Bahrain Dinar

·       Canadian Dollar

·       Chinese Yuan

·       Danish Kroner

·       EURO

·       Hong Kong Dollar

·       Kuwait Dinar

·       New Zealand Dollar

·       Norwegian Kroner

·       Pound Sterling

·       Qatari Riyal

·       Saudi Arabian Riyal

·       Singapore Dollar

·       South African Rand

·       Swedish Kroner

·       Swiss Franc

·       UAE Dirham

·       US Dollar

·       Japanese Yen

·       Kenya Shilling

[Notification No.19/2018 - Customs (N.T.)]

URL: http://www.cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2018/cs-nt2018/csnt19-2018.pdf


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