Customs Exchange Rates effective from 22nd December, 2023

Introduction: The Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs has issued Notification No. 93/2023 – Customs (N.T.) on 21st December 2023, amending the exchange rates for foreign currencies concerning the Customs Act, 1962.

Detailed Analysis: This notification supersedes the previous one (No. 90/2023-Customs(N.T.)) and comes into effect from 22nd December 2023. The Central Board of Indirect Taxes and Customs, in exercise of powers under section 14 of the Customs Act, 1962, determines the conversion rates for foreign currencies into Indian rupees and vice versa.

Schedule-I: The schedule details the exchange rates for individual units of foreign currencies concerning both imported and exported goods. Notable currencies include the Australian Dollar, Euro, US Dollar, and others. Importers and exporters need to take note of the revised rates to facilitate smooth transactions.

Schedule-II: This schedule provides rates for 100 units of certain foreign currencies, impacting larger transactions. Noteworthy currencies in this schedule include the Japanese Yen and Korean Won. Businesses involved in substantial imports and exports must pay attention to these revised rates.

The revision in exchange rates aims to align with the dynamic global economic scenario and ensure fair trade practices. The fluctuation in rates may influence the cost of imported goods and the revenue generated from exports.

Conclusion: Customs Notification No. 93/2023 is a crucial update for businesses engaged in international trade. Staying abreast of these revised exchange rates is vital for accurate financial planning and compliance with Customs regulations. Whether involved in importing or exporting goods, businesses should promptly incorporate these updated rates into their financial calculations to avoid any discrepancies or delays in customs clearance. This proactive approach will contribute to the efficiency and competitiveness of businesses in the global market. For further details and clarifications, businesses are encouraged to consult with relevant authorities or seek professional advice.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
*****

Notification No. 93/2023 – Customs (N.T.) | Dated: 21^st December, 2023

30 Agrahayana 1945 (SAKA)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 90/2023-Customs(N.T.), dated 7th December, 2023 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 22^nd December, 2023, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

SCHEDULE-I

SCHEDULE-II

[F.No. 468/01/2023-Cus.V]

(Komila Punia)

Deputy Secretary to the Govt. of India