In accordance with Section 14 of the Customs Act, 1962, the Central Board of Indirect Taxes and Customs (CBIC) releases the Exchange Rate Notification for the valuation of goods for purposes of assessment under the Act. In international trade, the value of goods is determined by converting the foreign currency into INR using the customs exchange rate. This is the deemed value of goods on which a duty of customs will be chargeable.
The CBIC on May 21, 2020, has issued an exchange rate Notification determining the rate of exchange of conversion of the below mentioned foreign currencies in Indian rupees which will be effective from May 22, 2020:
· Australian Dollar
· Bahraini Dinar
· Canadian Dollar
· Chinese Yuan
· Danish Kroner
· EURO
· Hong Kong Dollar
· Kuwaiti Dinar
· New Zealand Dollar
· Norwegian Kroner
· Pound Sterling
· Qatari Riyal
· Saudi Arabian Riyal
· Singapore Dollar
· South African Rand
· Swedish Kroner
· Swiss Franc
· Turkish Lira
· UAE Dirham
· US Dollar
· Japanese Yen
· Korean Won
Get All CBIC Updates in one place, Subscribe us to never miss an update from CBIC, Goal of AVACOM for compliance officers is to understand legal updates in India and how the company needs to file the compliances to avoid fines and penalties, it is achieving that goal, so it can be documented and as necessary, shown to regulators or other stakeholders who might be asking about the company’s compliance program.
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