The Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, has released Notification No. 73/2023-Customs (N.T.) on October 5, 2023. This notification pertains to the Customs Exchange Rates, which play a crucial role in determining the conversion rates of foreign currencies into Indian rupees and vice versa for the import and export of goods. These rates will be effective from October 6, 2023. In this article, we will provide a detailed analysis of the updated exchange rates and their implications.
1. Authority and Supersession The Customs Exchange Rates for October 6, 2023, are established under the powers granted by section 14 of the Customs Act, 1962. This notification supersedes the previous Notification No. 68/2023-Customs(N.T.), dated September 21, 2023, with immediate effect. It is essential to note that any actions taken before this supersession will be governed by the previous rates.
2. Schedule-I Exchange Rates Schedule-I contains the rates of exchange for one unit of foreign currency equivalent to Indian rupees. These rates are applicable for both imported and export goods. The table provides rates for various foreign currencies, including the Australian Dollar, Canadian Dollar, EURO, US Dollar, and more. Importers and exporters dealing with these currencies will need to use the updated rates for their transactions. For example, the rate for the US Dollar will be 84.15 for imported goods and 82.40 for export goods.
3. Schedule-II Exchange Rates Schedule-II specifies the rates of exchange for 100 units of foreign currency equivalent to Indian rupees. Similar to Schedule-I, these rates are applicable for both imported and export goods. The Japanese Yen and Korean Won are the two currencies covered in this schedule. Importers and exporters dealing with these currencies will use the updated rates accordingly. For instance, the rate for 100 Japanese Yen will be 56.95 for imported goods and 55.20 for export goods.
Conclusion
The release of Customs Exchange Rates by the Government of India, Ministry of Finance, is a critical update for businesses engaged in international trade. Effective from October 6, 2023, these rates impact the conversion of foreign currencies into Indian rupees and vice versa for imported and export goods. Importers and exporters should carefully consider these rates to ensure accurate transactions and compliance with customs regulations. It is advisable to stay informed about such notifications to avoid any discrepancies in financial dealings. As trade dynamics evolve, keeping abreast of exchange rate changes is essential for businesses to thrive in the global market.
*****
Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
*****
Notification No. 73/2023-Customs (N.T.) Dated: 5th 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. 68/2023-Customs(N.T.), dated 21st September, 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 6th 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
| 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 | 54.30 | 51.95 |
| 2. | Bahraini Dinar | 228.25 | 214.25 |
| 3. | Canadian Dollar | 61.70 | 59.70 |
| 4. | Chinese Yuan | 11.55 | 11.25 |
| 5. | Danish Kroner | 11.95 | 11.55 |
| 6. | EURO | 89.25 | 86.10 |
| 7. | Hong Kong Dollar | 10.80 | 10.45 |
| 8. | Kuwaiti Dinar | 277.75 | 261.20 |
| 9. | New Zealand Dollar | 50.90 | 48.55 |
| 10. | Norwegian Kroner | 7.70 | 7.45 |
| 11. | Pound Sterling | 102.95 | 99.55 |
| 12. | Qatari Riyal | 23.55 | 22.15 |
| 13. | Saudi Arabian Riyal | 22.90 | 21.55 |
| 14. | Singapore Dollar | 61.80 | 59.85 |
| 15. | South African Rand | 4.45 | 4.20 |
| 16. | Swedish Kroner | 7.65 | 7.45 |
| 17. | Swiss Franc | 92.85 | 89.40 |
| 18. | Turkish Lira | 3.10 | 2.95 |
| 19. | UAE Dirham | 23.40 | 22.00 |
| 20. | US Dollar | 84.15 | 82.4 |
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 | 56.95 | 55.20 |
| 2. | Korean Won | 6.40 | 6.00 |
[F. No. 468/01/2023-Cus.V]
(Harish Kumar)
Under Secretary to the Govt. of India
