Introduction: The Government of India, under the Ministry of Finance, Department of Revenue, has issued Notification No. 34/2024 – Customs (N.T.) on May 2nd, 2024. This notification, issued in exercise of powers conferred by section 14 of the Customs Act, 1962, brings amendments to the exchange rates of various foreign currencies concerning imported and exported goods.
Detailed Analysis: The notification supersedes the previous Notification No. 30/2024-Customs(N.T.), dated 18th April, 2024, with effect from May 3rd, 2024. It pertains to the determination of exchange rates for foreign currencies concerning Indian rupees for both imported and export goods.
Schedule I & II: Schedule I lists the exchange rates of various foreign currencies concerning one unit of the currency equivalent to Indian rupees. It delineates rates for both imported and export goods separately. Similarly, Schedule II outlines rates concerning 100 units of foreign currency equivalent to Indian rupees, again distinguished for imported and export goods.
****
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
*****
Notification No. 34/2024 – Customs (N.T.) | Dated: 2nd May, 2024
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 30/2024-Customs(N.T.), dated 18th April, 2024 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 3rd May, 2024, 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
| 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) | ||
| 1. | Australian Dollar | 55.70 | 53.30 |
| 2. | Bahraini Dinar | 236.90 | 208.95 |
| 3. | Canadian Dollar | 61.80 | 59.85 |
| 4. | Chinese Yuan | 11.75 | 11.35 |
| 5. | Danish Kroner | 12.15 | 11.80 |
| 6. | EURO | 91.00 | 87.90 |
| 7. | Hong Kong Dollar | 10.85 | 10.55 |
| 8. | Kuwaiti Dinar | 279.75 | 262.40 |
| 9. | New Zealand Dollar | 50.60 | 48.30 |
| 10. | Norwegian Kroner | 7.65 | 7.45 |
| 11. | Pound Sterling | 106.35 | 102.90 |
| 12. | Qatari Riyal | 23.65 | 22.25 |
| 13. | Saudi Arabian Riyal | 22.80 | 21.65 |
| 14. | Singapore Dollar | 62.40 | 60.40 |
| 15. | South African Rand | 4.65 | 4.35 |
| 16. | Swedish Kroner | 7.75 | 7.55 |
| 17. | Swiss Franc | 92.75 | 89.35 |
| 18. | Turkish Lira | 2.65 | 2.50 |
| 19. | UAE Dirham | 23.45 | 22.05 |
| 20. | US Dollar | 84.35 | 82.60 |
SCHEDULE-II
| Sl. No. |
Foreign Currency | Rate of exchange of 100 units of foreign currency equivalent to Indian rupees | |
| (1) | (2) | (3) | |
| (a) | (b) | ||
| (For Imported Goods) | (For Export Goods) | ||
| 1. | Japanese Yen | 54.30 | 52.70 |
| 2. | Korean Won | 6.25 | 5.90 |
[F. No. 468/01/2024-Cus.V]
(Megha Bansal)
Under Secretary to the Govt. of India
