Date: 2014-08-07Category: 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 8th August, 2014.
Executive Summary:
This notification from the Central Board of Excise and Customs, Department of Revenue, 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 August 8, 2014, and supersedes a previous notification dated July 17, 2014, with some exceptions. The notification specifies exchange rates for various foreign currencies as per Schedule I and Schedule II.
Key Points / Main Content:
* **Supersession of Previous Notification:**
* This notification supersedes Notification No. 53/2014-CUSTOMS (N.T.), dated July 17, 2014, with exceptions for actions already completed.
* **Exchange Rates:**
* The rate of exchange for converting foreign currencies into Indian rupees or vice versa is determined for imported and exported goods.
* The rates are specified in Schedule I and Schedule II.
* **Schedule I (Exchange Rates for One Unit of Foreign Currency):**
* Lists foreign currencies and their corresponding exchange rates for both imported and exported goods.
* Includes currencies like 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 and US Dollar.
* **Schedule II (Exchange Rates for 100 Units of Foreign Currency):**
* Lists foreign currencies and their corresponding exchange rates for both imported and exported goods.
* Includes currencies like Japanese Yen and Kenya Shilling.
* **Effective Date:**
* The determined exchange rates are effective from August 8, 2014.
Impact Analysis:
* **Importers and Exporters:**
* Impact: Determines the cost of imported goods and the revenue from exported goods in Indian rupees based on the specified exchange rates.
* Action Required: Must use the exchange rates provided in Schedule I and Schedule II for all transactions involving the listed foreign currencies, effective August 8, 2014.
* **Customs Officials:**
* Impact: Required to use these exchange rates for the assessment and collection of customs duties.
* Action Required: Implement the new exchange rates from August 8, 2014, for all import and export transactions.
Key Entities Referenced
Customs Act, 1962: An act of the Parliament of India to consolidate and amend the law relating to customs.
Central Board of Excise and Customs: A government agency responsible for the administration of indirect taxes in India.
Ministry of Finance: A ministry within the Government of India responsible for the country's finances.
Department of Revenue: A department within the Ministry of Finance responsible for tax collection.
New Delhi: The capital city of India, where the notification was issued.
Australian Dollar: A foreign currency listed in Schedule I for rate of exchange with Indian rupees.
EURO: A foreign currency listed in Schedule I for rate of exchange with Indian rupees.
Japanese Yen: A foreign currency listed in Schedule II for rate of exchange with Indian rupees.
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3128 GI/2014 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
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[फा. सं. 468 /01/2014 - सीमा शु(cid:6)क-V]
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, the 7th August, 2014
No. 57/2014-CUSTOMS (N.T.)
S.O. 2009(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.53/2014-CUSTOMS (N.T.), dated the 17th July, 2014 vide number S.O.1857 (E),
dated the 17th July, 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 8th August, 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
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 57.70 56.30
2. Bahrain Dinar 167.45 158.25
3. Canadian Dollar 56.90 55.60
4. Danish Kroner 11.20 10.85
5. EURO 83.05 81.10
6. Hong Kong Dollar 8.00 7.85
7. Kuwait Dinar 223.00 210.65
8. New Zealand Dollar 52.75 51.25
9. Norwegian Kroner 9.95 9.65
10. Pound Sterling 104.55 102.25
11. Singapore Dollar 49.70 48.60
12. South African Rand 5.90 5.55
13. Saudi Arabian Riyal 16.85 15.90
14. Swedish Kroner 9.05 8.80
15. Swiss Franc 68.55 66.70
16. UAE Dirham 17.20 16.25
17. US Dollar 61.85 60.854 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
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 60.80 59.30
2. Kenya Shilling 71.90 67.80
[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.