Date: 2015-05-21Category: 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 22nd May, 2015.
Executive Summary:
This notification issued by the Central Board of Excise and Customs establishes the rate of exchange for converting specified foreign currencies into Indian Rupees and vice versa, effective May 22, 2015. It supersedes Notification No. 44/2015-Customs N.T., dated May 7, 2015, with the exception of actions already taken or omitted before this supersession. These rates apply to imported and export goods.
Key Points / Main Content:
Exchange Rate Determination:
* The rate of exchange for conversion of foreign currencies into Indian Rupees or vice versa will be as specified in Schedule I and Schedule II.
* These rates are effective from May 22, 2015.
* The rates apply to both imported and export goods.
Schedule I: Exchange Rates for One Unit of Foreign Currency
* Lists specific exchange rates for various currencies, including:
* Australian Dollar, Bahrain Dinar, Canadian Dollar, Danish Krone, Euro, Hong Kong Dollar, Kuwait Dinar, New Zealand Dollar, Norwegian Krone, Pound Sterling, Singapore Dollar, South African Rand, Saudi Arabian Riyal, Swedish Krone, Swiss Franc, UAE Dirham, and US Dollar.
* Provides separate rates for imported and export goods.
Schedule II: Exchange Rates for 100 Units of Foreign Currency
* Lists specific exchange rates for:
* Japanese Yen and Kenyan Shilling.
* Provides separate rates for imported and export goods.
Supersession of Previous Notification:
* This notification supersedes Notification No. 44/2015-Customs N.T., dated May 7, 2015.
* The supersession does not affect actions already taken or omitted before May 22, 2015.
Impact Analysis:
Importers and Exporters:
Impact: The exchange rates defined in this notification will directly impact the cost of imports and the revenue from exports, influencing profitability and competitiveness.
Action Required: Importers and exporters must use the specified exchange rates for all transactions involving the listed foreign currencies, effective May 22, 2015.
Customs Officials:
Impact: Customs officials are responsible for enforcing the specified exchange rates when assessing duties and taxes on imported and exported goods.
Action Required: Customs officials must update their systems and procedures to reflect the new exchange rates and ensure compliance from May 22, 2015.
Central Board of Excise and Customs:
Impact: Responsible for setting and updating exchange rate policy, and ensuring correct implemntation.
Action Required: Monitor the impact of the updated rates and be prepared to adjust policies as necessary.
Key Entities Referenced
Customs Act, 1962: An act of the Indian Parliament relating to customs duties and regulations in India. Section 14 of this act is referenced in the notification.
Central Board of Excise and Customs: A government agency responsible for the administration of excise and customs duties in India.
Ministry of Finance, Department of Revenue: The Indian government ministry and department responsible for financial matters, including revenue collection through taxes and duties.
New Delhi: The capital city of India, where the notification was issued.
Indian Currency: The official currency of the Republic of India, also known as the Indian Rupee.
Australian Dollar: The currency of Australia, mentioned in Schedule I with exchange rates for import and export.
Japanese Yen: The currency of Japan, mentioned in Schedule II with exchange rates for import and export.
Notification No. 44/2015-Customs N.T.: An earlier notification related to customs, which is being superseded by this notification.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, the 21st May, 2015
No. 47/2015-CUSTOMS (N.T.)
S.O. 1366(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. 44/2015-Customs (N.T.), dated the 07th May , 2015, vide number S.O. 1222(E), dated the 07th May , 2015,
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 22nd May, 2015, 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 50.95 49.65¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
(1) (2) (3) (4)
2. Bahrain Dinar 173.95 164.45
3. Canadian Dollar 52.90 51.65
4. Danish Kroner 9.65 9.40
5. EURO 71.85 70.05
6. Hong Kong Dollar 8.30 8.15
7. Kuwait Dinar 217.40 205.10
8. New Zealand Dollar 47.40 46.00
9. Norwegian Kroner 8.55 8.30
10. Pound Sterling 100.30 98.30
11. Singapore Dollar 48.35 47.20
12. South African Rand 5.55 5.25
13. Saudi Arabian Riyal 17.50 16.55
14. Swedish Kroner 7.75 7.55
15. Swiss Franc 69.10 67.45
16. UAE Dirham 17.85 16.90
17. US Dollar 64.30 63.25
SCHEDULE -II
Sl. Foreign Currency Rate of exchange of 100 units of foreign
No. currency equivalent to Indian Rupees
(1) (2) (3)
(a) (b)
(For Imported Goods) (For Export Goods)
1. Japanese Yen 53.25 52.00
2. Kenya Shilling 67.85 64.00
[F. No. 468/01/2015-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.