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

Monisha Chaudhary

22 May, 2024

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

SCHEDULE II

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.

• Consumers: The fluctuations in the exchange rate may lead to changes in the retail price of imported goods.

• Financial Markets: Changes in currency exchange rates can also impact the country’s financial markets.