The Government of India, through the Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, New Delhi, has issued Notification No. 68/2023 on 21st September, 2023. This notification pertains to the exchange rates for foreign currencies and their conversion into Indian currency or vice versa, as mandated by the Customs Act, 1962.
Background: The Customs Act, 1962, empowers the Central Board of Indirect Taxes and Customs to determine the exchange rates for foreign currencies concerning the import and export of goods. This exchange rate notification, No. 68/2023, supersedes Notification No. 64/2023-Customs(N.T.) dated 6th September, 2023, except for actions completed or omitted prior to this update.
Effective Date: The new exchange rates will take effect from 22nd September, 2023. These rates are vital for calculating the value of imported and exported goods concerning foreign currencies.
Schedule I: Exchange Rates for One Unit of Foreign Currency: This schedule specifies the rates of exchange for one unit of various foreign currencies concerning the Indian rupee. It includes rates for both imported and exported goods.
Schedule II: Exchange Rates for 100 Units of Foreign Currency: Schedule II provides exchange rates for 100 units of foreign currencies equivalent to Indian rupees, applicable for imported and exported goods.
Notable Currencies: Some notable currencies listed in Schedule I include the US Dollar, EURO, Pound Sterling, and Japanese Yen. These exchange rates are critical for international trade and financial transactions.
Compliance: Businesses involved in international trade, both importers and exporters, must ensure compliance with these new exchange rates for accurate valuation of goods and adherence to customs regulations.
Conclusion: Notification No. 68/2023 by the Government of India, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, New Delhi, provides updated exchange rates for foreign currencies. These rates play a crucial role in determining the value of imported and exported goods in Indian rupees. It is essential for businesses involved in international trade to stay informed about these rates to ensure compliance with customs regulations and accurate financial transactions.
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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. 68/2023 – Customs (N.T.) Dated: 21st September, 2023
30 Bhadrapada 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. 64/2023-Customs(N.T.), dated 6th 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 22nd September, 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 | 54.55 | 52.20 |
| 2. | Bahraini Dinar | 228.00 | 214.00 |
| 3. | Canadian Dollar | 62.70 | 60.65 |
| 4. | Chinese Yuan | 11.55 | 11.25 |
| 5. | Danish Kroner | 12.05 | 11.65 |
| 6. | EURO | 90.05 | 86.90 |
| 7. | Hong Kong Dollar | 10.80 | 10.45 |
| 8. | Kuwaiti Dinar | 277.65 | 261.10 |
| 9. | New Zealand Dollar | 50.50 | 48.20 |
| 10. | Norwegian Kroner | 7.80 | 7.55 |
| 11. | Pound Sterling | 104.20 | 100.80 |
| 12. | Qatari Riyal | 23.55 | 22.10 |
| 13. | Saudi Arabian Riyal | 22.85 | 21.50 |
| 14. | Singapore Dollar | 61.80 | 59.85 |
| 15. | South African Rand | 4.55 | 4.25 |
| 16. | Swedish Kroner | 7.55 | 7.30 |
| 17. | Swiss Franc | 94.20 | 90.65 |
| 18. | Turkish Lira | 3.15 | 3.00 |
| 19. | UAE Dirham | 23.35 | 21.95 |
| 20. | US Dollar | 84.05 | 82.30 |
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
