CBIT notifies Exchange Rate of Foreign Currency Relating to Imported and Export Goods as on 2018-04-23

Apr 23, 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 Indirect Taxes 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 Indirect Taxes and Customs (CBIT) on April 19, 2018 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 April 20, 2018:

          Australian Dollar

          Bahrain Dinar

          Canadian Dollar

          Chinese Yuan

          Danish Kroner


          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. 18 /2018 - Customs (N.T.)]

URL: http://www.cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2018/cs-nt2018/csnt33-2018.pdf


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