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A notification no. 13/2024-custom (N.T) was issued on 15th February, under the guidance of the government of India, Ministry of Finance, Department of Revenue on the website of the Central Board of Indirect Taxes and Customs. This has come as a circular in the CBIC official website under the Customs Act, notifying the new exchange rates for foreign currencies related to import and export goods.
Fluctuation in the currency exchange rate is a constant change of foreign currency rates of one country in terms of another. Such a foreign exchange rate signifies a country’s economic strength depending on factors such as geopolitical events, interest rates, capital flows, etc. Fluctuations in the currency exchange rate impact the economy of a nation directly.
This Notification No.13/2024-customs (N.T.) 1 has notified changes in the earlier circular dated 1st February with notification no.10/2024-customs (N.T.) with a slight change in the various foreign currencies exchange rate, showing the Indian graph of fluctuations in the global market, impacting both import and export businesses. However, a businessman engaging in cross-border transactions must keep updated with such changes in the foreign currency rates to avoid any ignorant losses in the global market. It is thus recommended to keep oneself updated by following the official websites of the Central Board of Indirect Taxes and Customs.
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