CBIT notifies Exchange Rate of Foreign Currency Relating to Imported and Export Goods as on 2018-05-18

May 18, 2018 | by Avantis RegTech Legal Research Team

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General Compliance

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 May 17, 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 May 18, 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.43/2018 - Customs (N.T.)]

URL: http://www.cbec.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2018/cs-nt2018/csnt43-2018.pdf


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