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The CBIC has on 6th September 2023 released a Notification No. 64/2023- Customs (N.T.). Vide this notification, the CBIC has amended the exchange rates of various foreign currencies. This amendment has been done under section 14 of the Customs Act 1962 and it affects the valuation of both important as well as exported goods.
The new notification supersedes the earlier Notification No. 61/2023-Customs (N.T.) dated 17th August 2023. A revised rate of exchange for a wide range of foreign currencies has been introduced which comes into effect from 7th September 2023. The amendment aims to align the exchange rates for custom valuation purposed with current market conditions.
The new rates of notable currencies as follows:-
SCHEDULE I
SCHEDULE II
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