Date: 2014-03-06Category: 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 or vice versa shall, with effect from 7th March, 2014.
Executive Summary:
This notification issued by the Central Board of Excise and Customs determines the rate of exchange for converting foreign currencies into Indian currency and vice versa. It supersedes Notification No. 13/2014-Customs (N.T.) dated February 20, 2014. The exchange rates, as specified in Schedule I and Schedule II, will be effective from March 7, 2014, for import and export goods.
Key Points / Main Content:
* **Exchange Rate Determination:**
* The Central Board of Excise and Customs sets the exchange rates for foreign currencies to Indian currency and vice versa.
* These rates are for the purpose of Section 14 of the Customs Act, 1962, relating to imported and export goods.
* **Supersession of Previous Notification:**
* This notification supersedes Notification No. 13/2014-Customs (N.T.) dated February 20, 2014.
* The supersession does not affect actions already taken or omitted before the new notification.
* **Effective Date:**
* The determined exchange rates take effect on March 7, 2014.
* **Schedules of Exchange Rates:**
* **Schedule I:** Specifies the exchange rate of one unit of foreign currency equivalent to Indian rupees for various currencies (e.g., Australian Dollar, Bahrain Dinar, Euro, US Dollar).
* **Schedule II:** Specifies the exchange rate of 100 units of foreign currency equivalent to Indian rupees for Japanese Yen and Kenyan Shilling.
* Each schedule provides separate rates for imported goods and export goods.
Impact Analysis:
* **Importers and Exporters:**
* Impact: Importers and exporters will experience changes in the cost of goods based on the revised exchange rates, which affects the value of transactions in Indian Rupees.
* Action Required: Need to update accounting and pricing based on the new exchange rates for transactions effective March 7, 2014.
* **Customs Authorities:**
* Impact: Customs officials must use the specified exchange rates for assessing duties and taxes on import and export goods.
* Action Required: Implement the new exchange rates for all transactions from March 7, 2014 and ensure that assessments are based on the revised rates.
* **Financial Institutions:**
* Impact: Banks and other financial institutions involved in foreign exchange transactions will be affected by the new rates.
* Action Required: Update systems to reflect the new exchange rates for foreign currency conversions related to import and export activities.
Key Entities Referenced
Customs Act, 1962: An act of the Indian Parliament related to customs duties and regulations, referenced in the notification regarding exchange rates.
Central Board of Excise and Customs: A government agency responsible for the administration of excise and customs duties, which issued the notification.
Ministry of Finance, Department of Revenue: The Indian government ministry and department responsible for revenue collection and financial matters, which the Central Board of Excise and Customs is part of.
New Delhi: The location where the notification was issued, and also the location of Government of India Press.
Australian Dollar: A foreign currency for which exchange rates are specified in Schedule I.
EURO: A foreign currency for which exchange rates are specified in Schedule I.
Japanese Yen: A foreign currency for which exchange rates are specified in Schedule II.
Section 14: Section 14 of the Customs Act, 1962, which grants powers related to determining the rate of exchange for currency conversion.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, the 6th March , 2014
No. 15/2014-Customs (N.T.)
S.O. 694(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. 13/2014-Customs (N.T.), dated the 20th February, 2014 vide number S.O. 496(E), dated the 20th February, 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 or vice versa shall, with effect from 7th March, 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 export goods.
SCHEDULE- I
Sl. 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 56.10 54.75
2. Bahrain Dinar 167.85 158.65
3. Canadian Dollar 56.35 55.10
4. Danish Kroner 11.50 11.15
5. EURO 85.40 83.45
6. Hong Kong Dollar 8.00 7.85[÷ʪ óπá« ÷Ê⁄Uà ∑§Ê ⁄UÊ¡¬òÊ — •‚ÊœÊ⁄UáÊ
II 3(ii)] 3
(1) (2) (3)
(a) (b)
(For Imported Goods) (For Export Goods)
7. Kuwait Dinar 224.80 212.35
8. New Zealand Dollar 52.55 51.10
9. Norwegian Kroner 10.40 10.10
10. Pound Sterling 103.85 101.75
11. Singapore Dollar 49.10 47.95
12. South African Rand 5.95 5.55
13. Saudi Arabian Riyal 16.85 15.95
14. Swedish Kroner 9.70 9.40
15. Swiss Franc 70.05 68.35
16. UAE Dirham 17.25 16.30
17. US Dollar 62.00 61.00
SCHEDULE -II
Sl. 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 60.65 59.20
2. Kenya Shilling 73.15 69.00
[F. No. 468/01/2014-Cus.-V ]
AKSHAY JOSHI, Under Secy.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.