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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. 103/2013 dated October 03, 2013 containing the Rates of Exchange applicable from October 04, 2013.————–

Notification  No. 103/2013-Customs (N.T.),  DATED THE 3rd October, 2013

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.100/2013-CUSTOMS (N.T.), dated the 19th September, 2013 vide number S.O.2814 (E), dated the 19th September, 2013, 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 4th October, 2013 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

58.95

57.55

2.

Bahrain Dinar

169.25

160.00

3.

Canadian Dollar

60.85

59.30

4.

Danish Kroner

11.50

11.15

5.

EURO

85.35

83.35

6.

Hong Kong Dollar

8.05

7.95

7.

Kuwait Dinar

226.35

213.65

8.

New Zealand Dollar

52.20

50.90

9.

Norwegian Kroner

10.50

10.20

10.

Pound Sterling

101.90

99.70

 -:2:-

11.

Singapore Dollar

50.20

49.15

12.

South African Rand

6.35

6.00

13.

Saudi Arabian Riyal

17.00

16.10

14.

Swedish Kroner

9.90

9.60

15.

Swiss Franc

69.65

68.00

16.

UAE Dirham

17.35

16.40

17.

US Dollar

62.55

61.55

 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

64.30

62.75

2.

Kenya Shilling

73.45

69.40

[F.No.468/03/2013-Cus.V]

(M. SATISH KUMAR REDDY)

DIRECTOR (ICD)

TELE: 2309 3380

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