Customs Exchange Rates effective from 20th October, 2023

The Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, has issued a crucial notification, No. 76/2023 – Customs (N.T.), dated 19th October, 2023. This notification concerns the exchange rates for foreign currencies in India and outlines changes effective from the 20th of October, 2023. In this article, we will delve into the details of this notification and its implications on imported and exported goods.

Amendment Summary: Notification No. 76/2023-Customs (N.T.) is issued under the powers conferred by section 14 of the Customs Act, 1962. It supersedes Notification No. 73/2023-Customs (N.T.), dated 5th October, 2023, while acknowledging that actions taken before this supersedence remain valid. The notification primarily determines the exchange rates for foreign currencies concerning imported and exported goods.

Exchange Rates: The notification provides detailed exchange rates for various foreign currencies against the Indian rupee. These rates apply to both imported and export goods. Schedule-I lists rates for a single unit of foreign currency equivalent to Indian rupees, while Schedule-II lists rates for 100 units of foreign currency equivalent to Indian rupees.

For example, it specifies rates for currencies like the Australian Dollar, Canadian Dollar, EURO, US Dollar, Japanese Yen, and more.

Effective Date: Notification No. 76/2023-Customs (N.T.) takes effect from the 20th of October, 2023, making it essential for businesses involved in international trade to be aware of the updated exchange rates to ensure accurate transactions.

Conclusion: Notification No. 76/2023-Customs (N.T.) is a critical update issued by the Ministry of Finance to establish new exchange rates for various foreign currencies in India. These rates have implications for businesses engaged in importing and exporting goods.

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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. 76/2023 – Customs (N.T.) | Dated: 19^th October, 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. 73/2023-Customs(N.T.), dated 5^th October, 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 20^th October, 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

SCHEDULE-II

[F.No. 468/01/2023-Cus.V]

(Harish Kumar)
Under Secretary to the Govt. of India