Central Board of Indirect Taxes and Customs (CBIC) of India has released Notification No. 57/2023 – Customs (N.T.), dated 3rd August 2023. This notification outlines the new foreign exchange rates, superseding the rates mentioned in Notification No. 54/2023-Customs(N.T.), dated 20th July 2023. These updated rates are effective from 4th August 2023.
The new notification indicates the rates of exchange for the conversion of various foreign currencies into Indian Rupees (INR) and vice versa. The list includes 20 prominent currencies in Schedule I and two currencies in Schedule II, with specific rates for both imported and exported goods.
For instance, the rate for the US Dollar has been set at 83.60 INR for imported goods and 81.90 INR for exported goods. The Euro’s rate is 92.10 INR for imported goods and 88.90 INR for exported goods. Other currencies include the Australian Dollar, Bahraini Dinar, Canadian Dollar, and many more. The rates for each foreign currency are crucial for importers and exporters in determining the cost of their transactions.
Schedule II outlines the exchange rates for 100 units of Japanese Yen and Korean Won into INR for both imported and exported goods.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
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Notification No. 57/2023 – Customs (N.T.) | Dated 3rd August, 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. 54/2023-Customs(N.T.), dated 20th July, 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 4th August, 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 | 55.35 | 52.95 |
| 2. | Bahraini Dinar | 226.40 | 212.90 |
| 3. | Canadian Dollar | 63.05 | 60.95 |
| 4. | Chinese Yuan | 11.65 | 11.35 |
| 5. | Danish Kroner | 12.35 | 11.95 |
| 6. | EURO | 92.10 | 88.90 |
| 7. | Hong Kong Dollar | 10.80 | 10.40 |
| 8. | Kuwaiti Dinar | 277.35 | 260.75 |
| 9. | New Zealand Dollar | 51.65 | 49.30 |
| 10. | Norwegian Kroner | 8.15 | 7.90 |
| 11. | Pound Sterling | 107.00 | 103.45 |
| 12. | Qatari Riyal | 23.45 | 22.00 |
| 13. | Saudi Arabian Riyal | 22.75 | 21.40 |
| 14. | Singapore Dollar | 62.65 | 60.65 |
| 15. | South African Rand | 4.65 | 4.35 |
| 16. | Swedish Kroner | 7.85 | 7.60 |
| 17. | Swiss Franc | 96.10 | 92.40 |
| 18. | Turkish Lira | 3.15 | 3.00 |
| 19. | UAE Dirham | 23.25 | 21.85 |
| 20. | US Dollar | 83.60 | 81.90 |
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 | 58.70 | 56.85 |
| 2. | Korean Won | 6.55 | 6.15 |
[F.No. 468/01/2023-Cus.V]
(Harish Kumar)
Under Secretary to the Govt. of India
