As per Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962, rate of exchange for calculation of gross value of taxable service tax would be the rate, as determined by CBEC for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. CBEC from time to time issues Notification to notify rate of exchange determined by it.
In this context, please find below the Notification No. 03/2014 dated January 16, 2014 containing the Rates of Exchange applicable from January 17, 2014.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF EXCISE AND CUSTOMS
Notification No. 03/2014-Customs (N.T.)
Dated the 16th January, 2014
26 Pausa, 1935(SAKA)
S.O. (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.1/2014-CUSTOMS (N.T.), dated the 2nd January, 2014 vide number S.O. 17 (E), dated the 2nd January, 2014, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 17th January, 2014 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
|
S. 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 |
55.05 |
53.70 |
|
|
2. |
Bahrain Dinar |
168.30 |
159.10 |
|
|
3. |
Canadian Dollar |
57.05 |
55.75 |
|
|
4. |
Danish Kroner |
11.45 |
11.10 |
|
|
5. |
EURO |
85.05 |
83.05 |
|
|
6. |
Hong Kong Dollar |
8.00 |
7.90 |
|
|
7. |
Kuwait Dinar |
224.60 |
211.60 |
|
|
8. |
New Zealand Dollar |
52.10 |
50.65 |
|
|
9. |
Norwegian Kroner |
10.20 |
9.90 |
|
|
10. |
Pound Sterling |
102.15 |
99.90 |
|
|
11. |
Singapore Dollar |
48.95 |
47.90 |
|
|
12. |
South African Rand |
5.85 |
5.50 |
|
|
13. |
Saudi Arabian Riyal |
16.90 |
16.00 |
|
|
14. |
Swedish Kroner |
9.70 |
9.40 |
|
|
15. |
Swiss Franc |
68.70 |
67.05 |
|
|
16. |
UAE Dirham |
17.30 |
16.35 |
|
|
17. |
US Dollar |
62.20 |
61.20 |
|
SCHEDULE-II
|
S.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 |
59.55 |
58.15 |
|
2. |
Kenya Shilling |
74.00 |
69.85 |
[F.No.468/01/2014-Cus.V]
(M. SATISH KUMAR REDDY)
DIRECTOR (ICD)
TELE: 2309 3380
