Stay informed about the latest exchange rate updates for foreign currencies to Indian rupees as per the recent notification issued by the Ministry of Finance, Government of India. This notification, numbered 61/2023-Customs (N.T.), comes under the powers conferred by section 14 of the Customs Act, 1962.
Analysis: A recent notification (No. 61/2023-Customs (N.T.)) issued by the Department of Revenue, Central Board of Indirect Taxes and Customs, dated 17th August 2023, brings significant changes to the exchange rates of foreign currencies against the Indian rupee. This notification supersedes the previous Notification No. 57/2023-Customs(N.T.), dated 3rd August 2023, except for actions taken prior to this update.
The notification includes two schedules – Schedule I and Schedule II. Schedule I provides the rate of exchange of various foreign currencies against the Indian rupee, while Schedule II offers the rate of exchange for 100 units of specific foreign currencies in terms of the Indian rupee.
These updated exchange rates are effective from 18th August 2023 and have implications for both imported and export goods. This adjustment is made under the authority of section 14 of the Customs Act, 1962.
Conclusion: The recent Customs exchange rate notification (No. 61/2023-Customs (N.T.)) issued by the Ministry of Finance, Government of India, on August 17, 2023, brings significant changes to the exchange rates of foreign currencies concerning the Indian rupee. This update, effective from August 18, 2023, holds implications for both importers and exporters.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
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Notification No. 61/2023-Customs (N.T.), Dated: 17th August, 2023
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 57/2023-Customs(N.T.), dated 3rd August, 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 18th August, 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
| 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 | 54.25 | 51.95 |
| 2. | Bahraini Dinar | 227.25 | 213.75 |
| 3. | Canadian Dollar | 62.40 | 60.35 |
| 4. | Chinese Yuan | 11.50 | 11.20 |
| 5. | Danish Kroner | 12.30 | 11.90 |
| 6. | EURO | 91.85 | 88.65 |
| 7. | Hong Kong Dollar | 10.80 | 10.40 |
| 8. | Kuwaiti Dinar | 278.25 | 261.65 |
| 9. | New Zealand Dollar | 50.50 | 48.20 |
| 10. | Norwegian Kroner | 7.95 | 7.70 |
| 11. | Pound Sterling | 107.35 | 103.90 |
| 12. | Qatari Riyal | 23.50 | 22.10 |
| 13. | Saudi Arabian Riyal | 22.85 | 21.50 |
| 14. | Singapore Dollar | 61.95 | 60.00 |
| 15. | South African Rand | 4.45 | 4.20 |
| 16. | Swedish Kroner | 7.70 | 7.45 |
| 17. | Swiss Franc | 96.20 | 92.55 |
| 18. | Turkish Lira | 3.15 | 2.95 |
| 19. | UAE Dirham | 23.30 | 21.95 |
| 20. | US Dollar | 83.90 | 82.20 |
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 | 57.65 | 55.85 |
| 2. | Korean Won | 6.40 | 6.00 |
[F.No. 468/01/2023-Cus.V]
(Harish Kumar)
Under Secretary to the Govt. of India
