The Ministry of Finance, through Circular No. 17/2024-Customs dated September 18, 2024, has revised Circular 07/2024-Customs to enhance the automated exchange rate publication process. Effective from July 4, 2024, the updated procedures include provisions for publishing exchange rates on ICEGATE and integrating them into the ICES system, even if a due date (1st or 3rd Thursday) falls on a holiday or there is an API error. Key amendments involve ensuring that the latest rates from the State Bank of India (SBI) are published by 6 PM on due dates, with manual updates if automatic integration fails. These changes aim to ensure accurate and timely rate updates despite system or holiday disruptions.
F.No. 468/1/2011-SO (Cuss)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes & Customs
Room No. 227 A, North Block, New Delhi
***
Circular No. 17/2024-Customs | Dated 18th September, 2024
To,
All Principal Chief Commissioners/Chief Commissioners of Customs
All Principal Chief Commissioners/Chief Commissioners of Customs (Preventive)
All Principal Chief Commissioners/Chief Commissioners of CGST & Customs
All Principal Directors General/Directors General under CBIC
Madam/Sir,
Subject: Amendment of Circular 07/2024-Customs to further ease the process of publication of automated exchange rate-reg
The exchange rate automated module came into effect from 4th July, 2024. To further streamline the module and ensure that appropriate action is taken in case of contingency, the following amendments have been made in the Circular 07/2024-Customs dated 25th June, 2024–
a) At the end of Paragraph 4.1, the following sentence is inserted:
“Where a due date, i.e. 1st or 3rd Thursday, falls on a holiday, the last/latest received rates from SBI would be published on ICEGATE website on the 1st or 3rd Thursday itself.”
b) Point (iii) of Paragraph 7 of the aforesaid Circular is substituted with:
“(iii) Where a due date, i.e., 1St or 3″‘ Thursday, falls on a public holiday or due to any error in API integration or where an incomplete message is received at ICEGATE, since the exchange rates from SBI would not be available, the last/latest rates received from SBI would be published on the ICEGATE Website as well as integrated in the ICES system on that day and will be published by 6 PM on that day on the ICEGATE Website to be effective from 00:00 hrs. of the next day.”
c) Point (iv) of Paragraph 7 of the aforesaid Circular is substituted with:
“(iv) Where. on a due date i.e., 1st or 3rd Thursday of a month or when there is +/-5% variation in the rates of any of the foreign currencies requiring publication of the revised rates, the exchange rates received from SBI fail to get integrated on ICES by 6 PM, an automated mail and SMS alert will be sent to all the Nodal officers at 6 PM to notify that the rates received from SBI have not been automatically updated in ICES. Accordingly, the rates received from SBI would not be discarded but would be updated in the ICES system through manual intervention using the “Admin” interface by the Nodal officer at ICD (Patparganj) after 6 PM and before 00:00 hrs on the same day to be effective from 00:00 hrs. of the next day.”
d) Point (v) of Paragraph 7 of the aforesaid Circular is deleted.
2. Hindi version follows.
Yours faithfully,
(Megha Bansal)
Under Secretary to the Govt. of India
