Date: 2014-09-18Category: Extra OrdinaryState: Union GovernmentCountry: India
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 of vice versa shall, with effect from 19th September, 2014.
Executive Summary:
This notification issued by the Central Board of Excise and Customs, Ministry of Finance, establishes the rate of exchange for converting foreign currencies into Indian Rupees and vice versa for imported and exported goods. It is effective from September 19, 2014, and supersedes a previous notification (No. 75/2014-CUSTOMS N.T.) with some exceptions. The notification specifies the exchange rates for various foreign currencies as detailed in Schedule I and Schedule II.
Key Points / Main Content:
* **Exchange Rate Determination:**
* The notification determines the rate of exchange for converting specified foreign currencies into Indian Rupees and vice versa.
* These rates are applicable for the purpose of Section 14 of the Customs Act, 1962, relating to imported and exported goods.
* **Supersession of Previous Notification:**
* This notification supersedes the Government of India, Ministry of Finance, Department of Revenue Notification No. 75/2014-CUSTOMS N.T., dated September 4, 2014.
* The supersession does not affect actions already taken or omitted before the date of this notification.
* **Effective Date:**
* The determined exchange rates are effective from September 19, 2014.
* **Schedules of Exchange Rates:**
* **Schedule I:** Lists the foreign currencies and their corresponding exchange rates per unit for both imported and exported goods, including:
* Australian Dollar
* Bahrain Dinar
* Canadian Dollar
* Danish Kroner
* Euro
* Hong Kong Dollar
* Kuwait Dinar
* New Zealand Dollar
* Norwegian Kroner
* Pound Sterling
* Singapore Dollar
* South African Rand
* Saudi Arabian Riyal
* Swedish Kroner
* Swiss Franc
* UAE Dirham
* US Dollar
* **Schedule II:** Lists the foreign currencies and their corresponding exchange rates per 100 units for both imported and exported goods, including:
* Japanese Yen
* Kenya Shilling
Impact Analysis:
* **Importers and Exporters:**
* *Impact:* Importers and exporters will be directly affected by the new exchange rates, which will influence the cost of imported goods and the revenue from exported goods.
* *Action Required:* Importers and exporters need to use the new exchange rates specified in Schedule I and Schedule II for customs valuation purposes from September 19, 2014.
* **Customs Officials:**
* *Impact:* Customs officials are responsible for enforcing the new exchange rates for the valuation of imported and exported goods.
* *Action Required:* Customs officials must implement the new exchange rates as specified in the notification from September 19, 2014, and ensure compliance with Section 14 of the Customs Act, 1962.
Key Entities Referenced
Customs Act, 1962: A law providing the framework for levying and collecting customs duties in India.
Central Board of Excise and Customs: A government agency responsible for the formulation of policy concerning levy and collection of customs duties, central excise duties and service tax.
New Delhi: The location where the notification was issued. New Delhi, NCT of Delhi.
Ministry of Finance: A ministry of the Government of India responsible for the country's finances.
Department of Revenue: A department under the Ministry of Finance responsible for tax collection.
Australian Dollar: Foreign currency listed in Schedule I for rate of exchange.
EURO: Foreign currency listed in Schedule I for rate of exchange.
Japanese Yen: Foreign currency listed in Schedule II for rate of exchange.
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(1) (2) (3)
(क) (ख)
(आयाितत माल के िलए) (िनया%त माल के िलए)
1. आ(cid:17)(cid:18)ेिलयन डालर 55.55 54.20
2. बाहरेनी दीनार 167.10 157.90
3. कनेिडयन डालर 56.25 54.95
3755 GI/2014 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
4. डेिनश (cid:1)ोनर 10.75 10.40
5. यूरो 79.65 77.75
6. हांग कांग डालर 7.95 7.85
7. कुवैती दीनार 219.55 207.15
8. ’यूजील*ड डालर 50.30 49.05
9. नॉव,िजयन (cid:1)ोनर 9.65 9.35
10. पाउ/ड (cid:17)ट1लग 100.75 98.55
11. 3सगापुर डालर 48.80 47.70
12. साउथ अ5(cid:30)कन र*ड 5.70 5.40
13. साऊदी अरेिबयन 6रयाल 16.80 15.85
14. (cid:17)वीिडश (cid:1)ोनर 8.65 8.45
15. ि(cid:17)वस 5*क 65.85 64.25
16. यू. ए. इ. 7दरहम 17.15 16.20
17. यू . एस. डालर 61.75 60.75
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(क) (ख)
(आयाितत माल के िलए) (िनया%त माल के िलए)
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[फा. सं. 468 /01/2014 – सीमा-शु(cid:29)क-V]
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, the 18th September, 2014
No. 87/2014-CUSTOMS (N.T.)
S.O. 2439(E).— In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and
in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue)
No.75/2014-CUSTOMS (N.T.), dated the 4th September, 2014 vide number S.O. 2229(E), dated the
4th September, 2014, except as respects things done or omitted to be done before such supersession, 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 of vice versa shall, with effect
from 19th September, 2014 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 exports goods.¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
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 55.55 54.20
2. Bahrain Dinar 167.10 157.90
3. Canadian Dollar 56.25 54.95
4. Danish Kroner 10.75 10.40
5. EURO 79.65 77.75
6. Hong Kong Dollar 7.95 7.85
7. Kuwait Dinar 219.55 207.15
8. New Zealand Dollar 50.30 49.05
9. Norwegian Kroner 9.65 9.35
10. Pound Sterling 100.75 98.55
11. Singapore Dollar 48.80 47.70
12. South African Rand 5.70 5.40
13. Saudi Arabian Riyal 16.80 15.85
14. Swedish Kroner 8.65 8.45
15. Swiss Franc 65.85 64.25
16. UAE Dirham 17.15 16.20
17. US Dollar 61.75 60.75
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 57.00 55.65
2. Kenya Shilling 70.70 66.60
[F. No. 468/01/2014-Cus.V]
SATYAJIT MOHANTY, Director (ICD)
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.