{"id":74356,"date":"2023-09-25T18:52:13","date_gmt":"2023-09-25T13:22:13","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=74356"},"modified":"2024-05-22T15:31:26","modified_gmt":"2024-05-22T10:01:26","slug":"cbic-inotification-64-2023","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/cbic-inotification-64-2023\/","title":{"rendered":"CBIC determines the Exchange Rate vide Notification No. 64\/2023 -Customs (N.T.)"},"content":{"rendered":"

The CBIC has on 6th<\/sup> 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<\/a> has been done under section 14 of the Customs Act<\/a><\/strong> 1962 and it affects the valuation of both important as well as exported goods.<\/p>\n\n\n\n

The new notification supersedes the earlier Notification No. 61\/2023-Customs (N.T.) dated 17th<\/sup> August 2023. A revised rate of exchange for a wide range of foreign currencies has been introduced which comes into effect from 7th<\/sup> September 2023. The amendment aims to align the exchange rates for custom valuation purposed with current market<\/a> conditions.<\/p>\n\n\n\n

The new rates of notable currencies as follows:-<\/p>\n\n\n\n

SCHEDULE I<\/strong><\/p>\n\n\n\n

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

SCHEDULE II<\/strong><\/p>\n\n\n\n

Sl. No.<\/td>Foreign Currency<\/td>Rate of exchange of 100 units of foreign currency equal to Indian Rupees<\/td><\/tr>
For Imported Goods<\/strong><\/td>For Export Goods<\/strong><\/td><\/tr>
1.<\/td>Japanese Yen<\/td>57.2<\/td>55.45<\/td><\/tr>
2.<\/td>Korean Won<\/td>6.45<\/td>6.05<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Who does this Notification Affect?<\/h2>\n\n\n\n