Introduction : The Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs has issued Notification No. 13/2024 – Customs (N.T.) on February 15, 2024, announcing changes in the exchange rates for imported and export goods. This article delves into the specifics of the notification and its implications.
Detailed Analysis
The notification, issued under the authority of section 14 of the Customs Act, 1962, supersedes the previous Notification No. 10/2024-Customs(N.T.) dated February 1, 2024. It determines the new rates of exchange for various foreign currencies concerning the Indian rupee, effective from February 16, 2024.
Schedule I outlines the exchange rates of individual foreign currencies against the Indian rupee, both for imported and export goods. Notable currencies include the US Dollar, EURO, Pound Sterling, and Chinese Yuan, among others. These rates play a crucial role in determining the customs duty and taxes applicable to international trade transactions.
Schedule II provides exchange rates for specific currencies in terms of 100 units against the Indian rupee, facilitating calculations for larger transactions.
The changes in exchange rates can impact the cost of imported goods, affecting businesses engaged in international trade. Importers and exporters need to adjust their pricing strategies and financial forecasts accordingly to remain competitive and compliant with customs regulations.
Conclusion : The issuance of Notification No. 13/2024 – Customs (N.T.) by the Central Board of Indirect Taxes and Customs signifies the government’s commitment to ensuring transparency and efficiency in international trade operations. Businesses operating in India’s import-export sector must stay abreast of these regulatory updates to navigate the evolving landscape successfully. This notification serves as a crucial reference point for traders, providing clarity on currency exchange rates and facilitating smoother cross-border transactions.
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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
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Notification No. 13/2024-Customs (N.T.) | Dated the 15th February, 2024
26 Magha 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. 10/2024-Customs(N.T.), dated 1st February, 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 16th February, 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 | 55.05 | 52.70 |
| 2. | Bahraini Dinar | 228.90 | 212.20 |
| 3. | Canadian Dollar | 62.30 | 60.35 |
| 4. | Chinese Yuan | 11.80 | 11.4 |
| 5. | Danish Kroner | 12.10 | 11.80 |
| 6. | EURO | 90.65 | 87.55 |
| 7. | Hong Kong Dollar | 10.75 | 10.50 |
| 8. | Kuwaiti Dinar | 278.25 | 260.95 |
| 9. | New Zealand Dollar | 51.75 | 49.40 |
| 10. | Norwegian Kroner | 7.95 | 7.75 |
| 11. | Pound Sterling | 106.10 | 102.65 |
| 12. | Qatari Riyal | 23.55 | 22.10 |
| 13. | Saudi Arabian Riyal | 22.85 | 21.55 |
| 14. | Singapore Dollar | 62.60 | 60.65 |
| 15. | South African Rand | 4.50 | 4.20 |
| 16. | Swedish Kroner | 8.00 | 7.80 |
| 17. | Swiss Franc | 95.60 | 92.05 |
| 18. | Turkish Lira | 2.80 | 2.60 |
| 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 | 56.10 | 54.40 |
| 2. | Korean Won | 6.45 | 6.05 |
[F.No. 468/01/2024-Cus.V]
(Komila Punia)
Deputy Secretary to the Govt. of India
