Introduction: Notification No. 24/2024-Customs (N.T.) issued by the Government of India’s Ministry of Finance, Department of Revenue, provides crucial information regarding the exchange rates of foreign currencies concerning imported and export goods. Dated 26th March 2024, this notification supersedes the previous Notification No. 18/2024-Customs (N.T.).
Detailed Analysis
1. Legal Authority: The notification is issued under the powers conferred by section 14 of the Customs Act, 1962, and specifies the rates of exchange for various foreign currencies against the Indian rupee for imported and export goods.
2. Supersession: Notification No. 24/2024 supersedes the previous Notification No. 18/2024-Customs (N.T.), except concerning actions taken or omitted before such supersession.
3. Rate Determination: The notification provides detailed schedules (Schedule I and Schedule II) specifying the rates of exchange for each foreign currency concerning imported and export goods. These rates are applicable from 27th March 2024.
4. Schedule I and II: Schedule I lists the rates of exchange of one unit of foreign currency equivalent to Indian rupees, while Schedule II lists the rates of exchange of 100 units of foreign currency equivalent to Indian rupees. Both schedules distinguish rates for imported and export goods.
5. Currency Coverage: Various foreign currencies are covered, including the Australian Dollar, Euro, US Dollar, Japanese Yen, and others, with specific rates provided for each currency.
Conclusion: Notification No. 24/2024-Customs (N.T.) serves as a crucial update for businesses involved in import and export activities, providing clarity on the exchange rates applicable to different foreign currencies concerning imported and export goods. This notification, issued by the Ministry of Finance, Department of Revenue, underscores the government’s commitment to facilitating international trade by ensuring transparent and standardized exchange rate mechanisms. Businesses should adhere to the rates specified in the notification for compliance with customs regulations and smooth conduct of import and export operations.
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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. 24/2024 – Customs (N.T.) | Dated: 26th March, 2024
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 18/2024-Customs(N.T.), dated 7th March, 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 27th March, 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 | 56.25 | 53.85 |
| 2. | Bahraini Dinar | 229.00 | 212.35 |
| 3. | Canadian Dollar | 62.75 | 60.75 |
| 4. | Chinese Yuan | 11.75 | 11.35 |
| 5. | Danish Kroner | 12.35 | 12.00 |
| 6. | EURO | 92.50 | 89.35 |
| 7. | Hong Kong Dollar | 10.80 | 10.50 |
| 8. | Kuwaiti Dinar | 279.30 | 261.95 |
| 9. | New Zealand Dollar | 51.85 | 49.55 |
| 10. | Norwegian Kroner | 8.00 | 7.80 |
| 11. | Pound Sterling | 108.10 | 104.65 |
| 12. | Qatari Riyal | 23.55 | 22.15 |
| 13. | Saudi Arabian Riyal | 22.90 | 21.60 |
| 14. | Singapore Dollar | 63.20 | 61.20 |
| 15. | South African Rand | 4.60 | 4.30 |
| 16. | Swedish Kroner | 8.15 | 7.90 |
| 17. | Swiss Franc | 95.75 | 92.15 |
| 18. | Turkish Lira | 2.65 | 2.50 |
| 19. | UAE Dirham | 23.35 | 21.95 |
| 20. | US Dollar | 84.00 | 82.25 |
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 | 6.10 |
[F.No. 468/01/2024-Cus.V]
(Megha Bansal)
Under Secretary to the Govt. of India
