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 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 June 04, 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 June 05, 2020:
Australian Dollar
Bahraini Dinar
Canadian Dollar
Chinese Yuan
Danish Kroner
EURO
Hong Kong Dollar
Kuwaiti Dinar
New Zealand Dollar
Norwegian Kroner
Pound Sterlin
Qatari Riyal
Saudi Arabian Riyal
Singapore Dollar
South African Rand
Swedish Kroner
Swiss Franc
Turkish Lira
UAE Dirham
US Dollar
Japanese YeN
Korean Won
[Notification №49/2020 - Customs (N.T.)]
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