CBIC determines the Exchange Rate of Foreign Currency relating to Imported and Exported Goods on November 15, 2018

Nov 16, 2018 | by Avantis RegTech Legal Research Team


In accordance with Section 14 of the Customs Act, 1962, the Central Board of Indirect Taxes and Customs (CBIC) releases the Exchange Rate Notification for valuation of goods for purposes of assessment under the 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 CBIC on November 15, 2018 has issued an exchange rate notification determining the rate of exchange of conversion of the below mentioned foreign currencies in Indian rupees which shall be effective from November 16, 2018:

              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

[Notification No.93/2018 - Customs (N.T.)]

 

URL: http://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2018/cs-nt2018/csnt93-2018.pdf


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