Introduction: The Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, has issued Notification No. 83/2023 – Customs (N.T.) dated 15th November, 2023. This notification exercises powers conferred by section 14 of the Customs Act, 1962, bringing amendments to the earlier Notification No. 81/2023-CUSTOMS (N.T.) dated 2nd November, 2023. These amendments will be effective from 16th November, 2023.
Detailed Analysis: In the Schedule-I of the aforementioned Notification, significant changes have been made. Specifically, for serial No. 16, which pertains to the rate of exchange of Swedish Kroner against Indian Rupees for imported and export goods.
Prior to this amendment, the rate of exchange for Swedish Kroner was 7.95 for imported goods and 7.70 for export goods. However, with the latest modification, these rates have been substituted. The revised rates for Swedish Kroner are now 7.95 for imported goods and 7.70 for export goods.
This adjustment in the foreign currency exchange rates holds implications for businesses involved in importing and exporting goods. Companies dealing with Swedish Kroner should take note of these changes, as they can impact the cost and pricing strategies for both imports and exports.
Conclusion: The amendments brought forth by Notification No. 83/2023 – Customs (N.T.) signify the proactive approach of the Central Board of Indirect Taxes and Customs in adapting to the dynamic economic landscape. The alterations in the exchange rates for Swedish Kroner demonstrate the government’s commitment to maintaining a fair and transparent trade environment.
Businesses engaged in international trade, especially those involving Swedish Kroner, must promptly integrate these revised rates into their financial calculations. Staying informed and aligning with such regulatory changes ensures compliance and aids in strategic decision-making for smoother cross-border transactions.
As of 16th November, 2023, the revised rates for Swedish Kroner are in effect, emphasizing the need for timely adaptation to these modifications to avoid any disruptions in trade operations.
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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
Notification No. 83/2023 – Customs (N.T.) | Dated: 15th November, 2023
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendments in the Central Board of Indirect Taxes and Customs Notification No. 81/2023-CUSTOMS (N.T.), dated 2nd November, 2023 with effect from 16th November, 2023.
In the SCHEDULE-I of the said Notification, for serial No.16 and the entries relating thereto, the following shall be substituted, namely: –
SCHEDULE-I
|
Sl. No. |
Foreign Currency | Rate of exchange of one unit of foreign currency equivalent to Indian rupees | |
| (1) | (2) | (3) | |
| (a) | (b) | ||
| (For Imported Goods) |
(For Export Goods) | ||
| 16. | Swedish Kroner | 7.95 | 7.70 |
[F.No.468/01/2023-Cus.V]
(Komila Punia)
Deputy Secretary to the Govt. of India
