Ministry of Finance, under the Government of India, has issued a new notification (No. 50/2023 -Customs) detailing the updated exchange rates for imported and exported goods. These rates, effective from 07th July 2023, determine the conversion values between foreign currencies and the Indian rupee
The notification provides two schedules: Schedule I and Schedule II, each listing various foreign currencies and their corresponding exchange rates in Indian rupees. Schedule I indicates the exchange rates for a single unit of foreign currency, while Schedule II presents the rates for 100 units of foreign currency.
For example, according to Schedule I, the exchange rate for one Australian Dollar is 56.20 Indian rupees for imported goods and 53.75 Indian rupees for export goods. Similarly, the exchange rate for one US Dollar is 83.25 Indian rupees for imported goods and 81.55 Indian rupees for export goods.
In Schedule II, the exchange rates are provided for 100 units of foreign currency. For instance, 100 Japanese Yen is equivalent to 58.10 Indian rupees for imported goods and 56.25 Indian rupees for export goods. The rates for the Korean Won are 6.50 Indian rupees for imported goods and 6.15 Indian rupees for export goods.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
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Notification No. 50/2023 -Customs (N.T.) | Dated : 06th July, 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. 44/2023-Customs(N.T.), dated 15th June, 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 07th July, 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 | 56.20 | 53.75 |
| 2. | Bahraini Dinar | 225.45 | 212.00 |
| 3. | Canadian Dollar | 63.05 | 60.95 |
| 4. | Chinese Yuan | 11.55 | 11.20 |
| 5. | Danish Kroner | 12.20 | 11.80 |
| 6. | EURO | 90.95 | 87.75 |
| 7. | Hong Kong Dollar | 10.70 | 10.35 |
| 8. | Kuwaiti Dinar | 276.60 | 260.05 |
| 9. | New Zealand Dollar | 52.40 | 50.05 |
| 10. | Norwegian Kroner | 7.85 | 7.60 |
| 11. | Pound Sterling | 106.45 | 102.95 |
| 12. | Qatari Riyal | 23.35 | 21.90 |
| 13. | Saudi Arabian Riyal | 22.65 | 21.30 |
| 14. | Singapore Dollar | 61.90 | 59.95 |
| 15. | South African Rand | 4.55 | 4.25 |
| 16. | Swedish Kroner | 7.65 | 7.40 |
| 17. | Swiss Franc | 93.55 | 90.00 |
| 18. | Turkish Lira | 3.25 | 3.05 |
| 19. | UAE Dirham | 23.15 | 21.75 |
| 20. | US Dollar | 83.25 | 81.55 |
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 | 58.10 | 56.25 |
| 2. | Korean Won | 6.50 | 6.15 |
[F.No. 468/01/2023-Cus.V]
(Harish Kumar)
Under Secretary to the Govt. of India
