Customs Exchange Rates effective from 3rd November, 2023

Introduction: The Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, has issued Notification No. 81/2023 – Customs (N.T.) on the 2nd of November, 2023. This notification, issued under the powers granted by section 14 of the Customs Act, 1962, supersedes the previous Notification No. 76/2023-Customs (N.T.) dated 19th October, 2023. It holds significant importance for international trade as it determines the exchange rates for various foreign currencies concerning Indian rupees. The effective date of these revised exchange rates is the 3rd of November, 2023.

Detailed Analysis: This notification provides a detailed schedule of exchange rates for both imported and export goods, which are categorized in Schedule I and Schedule II.

Schedule I lists various foreign currencies and their corresponding rates of exchange for one unit of foreign currency equivalent to Indian rupees. For imported goods, the rates vary from currency to currency. For example, the exchange rate for the US Dollar is set at 84.15 Indian rupees, while the Australian Dollar is at 54.85. Similarly, for export goods, the exchange rates differ, with the US Dollar at 82.40 and the Australian Dollar at 52.45. These rates are vital for traders and businesses engaged in international commerce, as they determine the value of transactions involving these currencies.

Schedule II provides exchange rates for 100 units of foreign currency equivalent to Indian rupees. This schedule includes currencies like the Japanese Yen and Korean Won. For instance, the exchange rate for 100 Japanese Yen for imported goods is 56.30 Indian rupees, while for export goods, it is 54.55 Indian rupees.

It is essential for importers and exporters to be aware of these rates to accurately assess the value of their transactions and comply with the customs regulations.

Conclusion: Notification No. 81/2023-Cus (NT) dated 02/11/2023 is a crucial update for the business community engaged in international trade. It establishes the official exchange rates for various foreign currencies concerning Indian rupees for both imported and export goods. These rates will come into effect on the 3rd of November, 2023, and supersede the previous rates specified in Notification No. 76/2023-Customs (N.T.). Importers and exporters should take note of these revised rates to ensure accurate financial transactions and compliance with customs regulations. This information is vital for anyone involved in international trade in and out of India.

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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
NEW DELHI
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Notification No. 81/2023 – Customs (N.T.) | Dated: 2^nd November, 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. 76/2023-Customs (N.T.), dated 19^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 3^rd November, 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