GOVERNMENT OF INDIA
MINISTRY OF COMMERCE AND INDUSTRY
DEPARTMENT OF COMMERCE
DIRECTORATE GENERAL OF FOREIGN TRADE
POLICY CIRCULAR NO. 15/2002-2007
Dated: 12th December, 2002
To
All Licensing Authorities
All Commissioners of Customs,
Subject: Exchange rate to be adopted for hard currencies not mentioned in the Department of Revenue Notification
This office is in receipt of requests from the regional offices on the exchange rate to be adopted for exports/ imports where the realisation/ remittance is in a hard currency not mentioned in the notification of the Department of Revenue .
Some such examples are the New Zealand Dollar and the South African Rand both of which do not feature in the exchange rate notifications of the Department of Revenue . These are merely an illustrative list in the basket of hard currencies not covered by such notifications.
The matter was deliberated with the Directorate of Systems in the Central Board of Excise and Customs and it has been decided that in such cases the exchange rate certified by the authorised dealers (including banks) on the shipping bill(s)/ bill(s) of entry as applicable on the relevant date as prescribed in the Policy may be taken as the pertinent exchange rate. For example in the case of exports under DEPB, the exchange rate would be the rate certified by the authorised dealer on the date of let export order.
This issues with the approval of the Director General of Foreign Trade .
A.B. Menon
Deputy DGFT
(File No:01/94/180/25/AM03/ PC IV)
