Introduction: The Government of India, through the Ministry of Finance, Department of Revenue, and the Central Board of Indirect Taxes and Customs, has issued Notification No. 18/2024 – Customs (N.T.) on 7th March 2024. This notification, superseding the previous one (No. 13/2024-Customs (N.T.) dated 15th February 2024), determines the exchange rates for various foreign currencies concerning imported and export goods, in accordance with section 14 of the Customs Act, 1962.
Detailed Analysis: The notification outlines the rates of exchange for foreign currencies listed in Schedule I and Schedule II, effective from 8th March 2024. For each currency, the rates are specified both for imported and export goods. Schedule I provides the exchange rates for one unit of foreign currency equivalent to Indian rupees, while Schedule II offers rates for 100 units of foreign currency.
The foreign currencies covered in Schedule I include the Australian Dollar, Bahraini Dinar, Canadian Dollar, Chinese Yuan, Danish Kroner, EURO, Hong Kong Dollar, Kuwaiti Dinar, New Zealand Dollar, Norwegian Kroner, Pound Sterling, Qatari Riyal, Saudi Arabian Riyal, Singapore Dollar, South African Rand, Swedish Kroner, Swiss Franc, Turkish Lira, UAE Dirham, and US Dollar.
Schedule II includes rates for Japanese Yen and Korean Won, also categorized for both imported and export goods. These rates play a pivotal role in determining the conversion of foreign currencies into Indian rupees and vice versa, influencing trade and commerce.
Conclusion: In conclusion, the Ministry of Finance’s Notification No. 18/2024-Customs (N.T.) addresses the exchange rates applicable to various foreign currencies for imported and export goods. The detailed schedules provide clarity on the conversion rates, aiding businesses, importers, and exporters in making informed decisions. As these rates come into effect on 8th March 2024, stakeholders should take note of these changes to ensure compliance and efficient cross-border transactions. Stay updated with the latest developments from the Ministry of Finance to navigate the dynamic landscape of international trade.
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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. 18/2024 – Customs (N.T.) | Dated : 7th March, 2024
17 Phalguna 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. 13/2024-Customs(N.T.), dated 15th 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 8th 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 | 55.70 | 53.30 |
| 2. | Bahraini Dinar | 228.45 | 211.85 |
| 3. | Canadian Dollar | 62.30 | 60.35 |
| 4. | Chinese Yuan | 11.70 | 11.30 |
| 5. | Danish Kroner | 12.30 | 11.95 |
| 6. | EURO | 91.90 | 88.75 |
| 7. | Hong Kong Dollar | 10.75 | 10.45 |
| 8. | Kuwaiti Dinar | 278.35 | 261.00 |
| 9. | New Zealand Dollar | 52.05 | 49.70 |
| 10. | Norwegian Kroner | 8.00 | 7.80 |
| 11. | Pound Sterling | 107.25 | 103.80 |
| 12. | Qatari Riyal | 23.50 | 22.05 |
| 13. | Saudi Arabian Riyal | 22.80 | 21.50 |
| 14. | Singapore Dollar | 62.95 | 60.95 |
| 15. | South African Rand | 4.55 | 4.25 |
| 16. | Swedish Kroner | 8.15 | 7.95 |
| 17. | Swiss Franc | 95.75 | 92.20 |
| 18. | Turkish Lira | 2.70 | 2.55 |
| 19. | UAE Dirham | 23.25 | 21.90 |
| 20. | US Dollar | 83.75 | 82.00 |
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 | 56.60 | 54.85 |
| 2. | Korean Won | 6.40 | 6.05 |
[F.No. 468/01/2024-Cus.V]
(Radhe Krishna)
Under Secretary to the Govt. of India
