Introduction: The Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, has issued Notification No. 92/2023 – Customs (N.T.) on 18th December 2023. This notification exercises powers under section 14 of the Customs Act, 1962, bringing amendments to Notification No. 90/2023-CUSTOMS (N.T.) dated 7th December 2023. The changes are set to take effect from 19th December 2023.
Detailed Analysis: The key amendment pertains to Schedule-I of the said Notification, specifically serial No. 10 and its related entries. The alterations focus on the exchange rates of foreign currencies concerning both imported and exported goods. Notably, for Norwegian Kroner, the rate of exchange of one unit of foreign currency equivalent to Indian rupees has been adjusted to 8.00 for imported goods and 7.90 for export goods.
These modifications are crucial for businesses involved in international trade, impacting the cost calculations associated with importing and exporting goods. It is imperative for stakeholders to stay informed about such changes to ensure compliance and make informed financial decisions.
Conclusion: The amendments introduced through Notification No. 92/2023 play a pivotal role in shaping the landscape of foreign currency exchange rates concerning customs regulations. Businesses and individuals engaged in cross-border trade need to promptly incorporate these changes into their financial planning and transactions. The effective date, 19th December 2023, marks the commencement of the revised rates, emphasizing the importance of timely awareness and adaptation to the evolving regulatory environment. The Customs Notification No. 92/2023 stands as a testament to the government’s commitment to maintaining transparency and efficiency in customs procedures.
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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. 92/2023 – Customs (N.T.) | Dated: 18th December, 2023
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendments in the Central Board of Indirect Taxes and Customs Notification No. 90/2023-CUSTOMS (N.T.), dated 7th December, 2023 with effect from 19th December, 2023.
In the SCHEDULE-I of the said Notification, for serial No.10 and the entries relating thereto, the following shall be substituted, namely: –
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) | ||
| 10. | Norwegian Kroner | 8.00 | 7.90 |
[F.No.468/01/2023-Cus.V]
(Komila Punia)
Deputy Secretary to the Govt. of India
