Date: 2014-04-03Category: 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 4th April, 2014.
Executive Summary:
This notification from the Ministry of Finance, Department of Revenue, Central Board of Excise and Customs, establishes the exchange rates for converting specified foreign currencies into Indian Rupees and vice versa. It supersedes Notification No. 24/2014-Customs N.T. dated March 20, 2014. The determined exchange rates will be effective from April 4, 2014, for imported and export goods.
Key Points / Main Content:
* Supersession of Previous Notification:
* Notification No. 24/2014-Customs N.T., dated March 20, 2014, is superseded, except for actions already completed or omitted before this supersession.
* Exchange Rate Determination:
* The Central Board of Excise and Customs determines the rate of exchange for foreign currencies specified in Schedule I and Schedule II.
* The conversion rates apply to both Indian currency to foreign currency and foreign currency to Indian currency.
* Effective Date:
* The new exchange rates are effective from April 4, 2014.
* Application:
* The exchange rates are for the purpose of Section 14 of the Customs Act, 1962, relating to imported and export goods.
* Schedule I:
* Lists foreign currencies and their exchange rates per unit of foreign currency equivalent to Indian Rupees.
* Provides separate rates for imported goods and export goods.
* Includes currencies such as 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:
* Lists foreign currencies and their exchange rates per 100 units of foreign currency equivalent to Indian Rupees.
* Provides separate rates for imported goods and export goods.
* Includes currencies such as Japanese Yen and Kenya Shilling.
Impact Analysis:
* Importers and Exporters:
* Impact: The revised exchange rates directly affect the cost of imports and the revenue from exports.
* Action Required: Importers and exporters need to use the new exchange rates, effective from April 4, 2014, for customs valuation and duty calculations.
* Customs Authorities:
* Impact: Customs officials must use the new exchange rates for assessing duties on imported and exported goods.
* Action Required: Implement the updated exchange rates in customs procedures from April 4, 2014.
Key Entities Referenced
Customs Act, 1962: An act of the Indian Parliament that governs customs, duties and tariffs.
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.
Ministry of Finance, Department of Revenue: The ministry and department of the Government of India responsible for finances and revenue.
Australian Dollar: Foreign currency listed in Schedule I, with exchange rates for import and export goods.
Japanese Yen: Foreign currency listed in Schedule II, with exchange rates for import and export goods.
Satyajit Mohanty: Director, ICD (Inland Container Depot) , signatory of the notification.
Reserve Bank of India: Central Bank of India, which would be responsible for overseeing these currency exchange rates.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, the 3rd April, 2014
No. 26/2014-CUSTOMS (N.T.)
S.O. 1031(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. 24/2014-Customs (N.T.), dated the 20th March , 2014, vide number S.O. 862(E), dated the 20th March , 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
4th April, 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. Foreign Currency Rate of exchange of one unit of foreign currency
No. equivalent to Indian rupees
(1) (2) (3)
(a) (b)
(For Imported Goods) (For Export Goods)
1. Australian Dollar 55.95 54.55
2. Bahrain Dinar 163.65 154.60¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
(1) (2) (3) (4)
3. Canadian Dollar 55.10 53.70
4. Danish Kroner 11.25 10.85
5. EURO 83.45 81.45
6. Hong Kong Dollar 7.80 7.65
7. Kuwait Dinar 219.05 206.80
9. New Zealand Dollar 51.85 50.55
9. Norwegian Kroner 10.20 9.90
10. Pound Sterling 100.95 98.70
11. Singapore Dollar 48.10 46.90
12. South African Rand 5.85 5.45
13. Saudi Arabian Riyal 16.45 15.55
14. Swedish Kroner 9.40 9.10
15. Swiss Franc 68.50 66.60
16. UAE Dirham 16.80 15.85
17. US Dollar 60.45 59.45
SCHEDULE -II
Sl. Foreign Currency Rate of exchange of 100 units of foreign currency
No. equivalent to Indian Rupees
(1) (2) (3)
(a) (b)
(For Imported Goods) (For Export Goods)
1. Japanese Yen 58.40 56.95
2. Kenya Shilling 71.35 67.35
[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.