CBIC determines the Exchange Rate vide Notification No. 64/2023 -Customs (N.T.)

22 May, 2024

CBIC determines the Exchange Rate vide Notification No. 642023 -Customs (N.T.)

The CBIC has on 6^th 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 17^th August 2023. A revised rate of exchange for a wide range of foreign currencies has been introduced which comes into effect from 7^th 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

Sl. No.	Foreign Currency	Rate of exchange of one unit of foreign currency equal to Indian rupees
Sl. No.	Foreign Currency	For Imported Goods	For Export Goods
1.	Australian Dollar	54.20	51.85
2.	Bahraini Dinar	227.25	213.75
3.	Canadian Dollar	61.90	59.90
4.	Chinese Yuan	11.55	11.20
5.	Danish Kroner	12.15	11.75
6.	EURO	90.75	87.60
7.	Hong Kong Dollar	10.80	10.40
8.	Kuwaiti Dinar	277.75	261.15
9.	New Zealand Dollar	50.25	47.90
10.	Norwegian Kroner	7.85	7.60
11.	Pound Sterling	106.20	102.70
12.	Qatari Riyal	23.50	22.10
13.	Saudi Arabian Riyal	22.85	21.50
14.	Singapore Dollar	62.00	60.00
15.	South African Rand	4.45	4.20
16.	Swedish Kroner	7.60	7.35
17.	Swiss Franc	95.30	91.70
18.	Turkish Lira	3.20	3.00
19.	UAE Dirham	23.35	21.95
20.	US Dollar	83.95	82.20

SCHEDULE II

Sl. No.	Foreign Currency	Rate of exchange of 100 units of foreign currency equal to Indian Rupees
Sl. No.	Foreign Currency	For Imported Goods	For Export Goods
1.	Japanese Yen	57.2	55.45
2.	Korean Won	6.45	6.05

Who does this Notification Affect?

Importers: Fluctuations in the exchange rate can make the goods either more expensive or less expensive, depending on the direction of the currency adjustment.

Exporters: A rate change can impact the valuation of goods exported from India thereby affecting the competitiveness of these goods in the global market.