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CBIC Notification

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

Monisha Chaudhary
22 May, 2024 22 May, 2024
CBIC determines the Exchange Rate vide Notification No. 642023 -Customs (N.T.)

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

Sl. No.Foreign CurrencyRate of exchange of one unit of foreign currency equal to Indian rupees
For Imported GoodsFor Export Goods
1.Australian Dollar54.2051.85
2.Bahraini Dinar227.25213.75
3.Canadian Dollar61.9059.90
4.Chinese Yuan11.5511.20
5.Danish Kroner12.1511.75
6.EURO90.7587.60
7.Hong Kong Dollar10.8010.40
8.Kuwaiti Dinar277.75261.15
9.New Zealand Dollar50.2547.90
10.Norwegian Kroner7.857.60
11.Pound Sterling106.20102.70
12.Qatari Riyal23.5022.10
13.Saudi Arabian Riyal22.8521.50
14.Singapore Dollar62.0060.00
15.South African Rand4.454.20
16.Swedish Kroner7.607.35
17.Swiss Franc95.3091.70
18.Turkish Lira3.203.00
19.UAE Dirham23.3521.95
20.US Dollar83.9582.20

SCHEDULE II

Sl. No.Foreign CurrencyRate of exchange of 100 units of foreign currency equal to Indian Rupees
For Imported GoodsFor Export Goods
1.Japanese Yen57.255.45
2.Korean Won6.456.05

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.
  • 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. 
READ  CBIC notifies amendments in Customs Duty exemptions provided to textile machinery
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