CBIC determines the Exchange Rate of Foreign Currency relating to Imported and Exported Goods on March 04, 2020

Mar 05, 2020 | by Avantis RegTech Legal Research Team

Finance & Taxation Compliance

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 February 20, 2020, has issued an exchange rate Notification determining the rate of exchange of conversion of the below mentioned foreign currencies in Indian rupees which will be effective from March 05, 2020:

Ø  Danish Kroner

Ø  Euro

Ø  Swedish Kroner

Ø  Japanese Yen

[Notification No.19/2020 - Customs (N.T.)]


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