Customs Exchange Rates effective from April 5th, 2024

The Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs has issued Notification No. 27/2024 – Customs (N.T.) on April 4th, 2024. This notification pertains to the determination of exchange rates for various foreign currencies concerning import and export transactions, in accordance with the Customs Act, 1962.

The notification supersedes the previous Notification No. 24/2024-Customs(N.T.), except for actions taken before the supersession. It exercises powers conferred by section 14 of the Customs Act, 1962, to establish rates of exchange for conversion of foreign currencies into Indian rupees or vice versa. These rates come into effect from April 5th, 2024.

SCHEDULE-I and SCHEDULE-II of the notification outline the exchange rates for different foreign currencies concerning imported and exported goods. For instance, the exchange rate for 1 Australian Dollar concerning imported goods is fixed at 56.10 Indian rupees, while for exported goods, it stands at 53.70 Indian rupees. Similarly, other foreign currencies like the US Dollar, Euro, Pound Sterling, and more have their respective exchange rates defined.

This notification is crucial for businesses involved in international trade as it impacts the valuation of imported and exported goods, influencing transaction costs and profitability. Any fluctuations in exchange rates can significantly affect the competitiveness of products in the global market.

Notification No. 27/2024 – Customs (N.T.) issued by the Central Board of Indirect Taxes and Customs under the Ministry of Finance, Government of India, plays a vital role in regulating international trade by determining exchange rates for foreign currencies. Businesses engaged in import and export activities must adhere to these prescribed rates to ensure compliance with the Customs Act, 1962. Stay updated with these exchange rates to facilitate smooth and cost-effective trade transactions.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
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Notification No. 27/2024 – Customs (N.T.) | Dated: 4^th April, 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. 24/2024-Customs(N.T.), dated 26^th 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 5^th April, 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

SCHEDULE-II

[F.No. 468/01/2024-Cus.V]

(Megha Bansal)
Under Secretary to the Govt. of India