CBIC determines the Exchange Rate of Foreign Currency relating to Imported and Exported Goods on December 06, 2018

Dec 12, 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 December 06, 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 December 07, 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. 96/2018 - Customs (N.T.)]

 

URL: http://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2018/cs-nt2018/csnt96-2018.pdf;jsessionid=70D8DE4594E57C9E7916A6D19B35D01F


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