The Central Board of Indirect Taxes and Customs (CBIC) has notified the new exchange rate for the conversion of foreign currencies into Indian currency or vice versa for imported and export goods. The new exchange rate will be applicable from March 27, 2024.
The notification, which supersedes Notification No. 18/2024-Customs(N.T.), dated March 7, 2024, specifies the exchange rates for various foreign currencies as per Schedule I and Schedule II annexed to the notification.
The notification exempts certain goods and services from the operation of the new exchange rate. These exemptions include goods and services imported or exported under a government scheme or program, goods and services imported or exported by a government department or agency, and goods and services imported or exported under a foreign trade agreement.
The notification further states that the exchange rate on imported and export goods will be based on the lesser of the specified conversion rate or the wholesale market price of the goods or services. The exchange rate on imported and export goods will be rounded to the nearest one-half of a percentage point.
The government has notified the new exchange rate for Schedule I and Schedule II of the Customs Act 1962. The new exchange rate for Schedule I and Schedule II commodities is as follows:
| Currency | New Exchange Rate |
|—|—|
| US Dollar | ₹81.50 |
| Euro | ₹89.75 |
| Japanese Yen | ₹65.25 |
| Chinese Yuan Renminbi | ₹12.50 |
| British Pound | ₹98.75 |
| Canadian Dollar | ₹63.50 |
| Australian Dollar | ₹67.50 |
| New Zealand Dollar | ₹69.50 |
| Singapore Dollar | ₹61.50 |
| Hong Kong Dollar | ₹10.50 |
| South Korean Won | ₹6.50 |
| Taiwanese Dollar | ₹2.50 |
The CBIC has advised all stakeholders to take note of the new exchange rate and to ensure compliance with the provisions of the notification.