Date: 2014-05-01Category: 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 2nd May, 2014.
Executive Summary:
This notification, issued by the Central Board of Excise and Customs, establishes the rates of exchange for converting foreign currencies into Indian Rupees and vice versa, effective from May 2, 2014. It supersedes Notification No. 32/2014-Customs N.T., dated April 17, 2014. The exchange rates are specified for both imported and exported goods.
Key Points / Main Content:
* **Exchange Rate Determination:**
* The Central Board of Excise and Customs determines the exchange rates for foreign currencies into Indian Rupees and vice versa.
* These rates are applicable for the purpose of Section 14 of the Customs Act, 1962, concerning imported and exported goods.
* **Effective Date:**
* The exchange rates take effect from May 2, 2014.
* **Supersession of Previous Notification:**
* This notification supersedes Notification No. 32/2014-Customs N.T., dated April 17, 2014, except for actions already taken or omitted before the supersession.
* **Exchange Rates for Schedule I Currencies (per unit):**
* Australian Dollar: INR 56.75 (Import) / INR 55.35 (Export)
* Bahrain Dinar: INR 164.70 (Import) / INR 155.65 (Export)
* Canadian Dollar: INR 55.70 (Import) / INR 54.40 (Export)
* Danish Kroner: INR 11.35 (Import) / INR 11.00 (Export)
* Euro: INR 84.30 (Import) / INR 82.30 (Export)
* Hong Kong Dollar: INR 7.85 (Import) / INR 7.70 (Export)
* Kuwait Dinar: INR 220.85 (Import) / INR 208.40 (Export)
* New Zealand Dollar: INR 52.35 (Import) / INR 51.05 (Export)
* Norwegian Kroner: INR 10.20 (Import) / INR 9.90 (Export)
* Pound Sterling: INR 102.70 (Import) / INR 100.40 (Export)
* Singapore Dollar: INR 48.60 (Import) / INR 47.50 (Export)
* South African Rand: INR 5.90 (Import) / INR 5.55 (Export)
* Saudi Arabian Riyal: INR 16.55 (Import) / INR 15.65 (Export)
* Swedish Kroner: INR 9.35 (Import) / INR 9.05 (Export)
* Swiss Franc: INR 69.15 (Import) / INR 67.45 (Export)
* UAE Dirham: INR 16.90 (Import) / INR 16.00 (Export)
* US Dollar: INR 60.85 (Import) / INR 59.85 (Export)
* **Exchange Rates for Schedule II Currencies (per 100 units):**
* Japanese Yen: INR 59.70 (Import) / INR 58.25 (Export)
* Kenya Shilling: INR 71.55 (Import) / INR 67.55 (Export)
Impact Analysis:
* **Importers and Exporters:**
* Impact: The new exchange rates directly affect the cost of imports and the revenue from exports, influencing profitability and competitiveness.
* Action Required: Importers and exporters need to update their financial calculations and pricing strategies based on the new exchange rates to accurately determine costs, revenues, and pricing.
* **Customs Brokers and Agents:**
* Impact: Customs brokers and agents are responsible for accurately declaring the value of goods for customs purposes.
* Action Required: They must use the new exchange rates to ensure accurate valuation and compliance with customs regulations.
* **Banks and Financial Institutions:**
* Impact: Banks and financial institutions involved in international trade transactions are affected by the exchange rates.
* Action Required: They need to update their systems and inform their clients about the revised exchange rates for trade-related financial transactions.
* **Government (Central Board of Excise and Customs):**
* Impact: The government uses these exchange rates to calculate customs duties and taxes.
* Action Required: The Central Board of Excise and Customs needs to implement the new rates for duty calculations and ensure consistent application across all customs transactions.
Key Entities Referenced
Customs Act, 1962: An act of the Indian Parliament related to customs duties and regulations.
Ministry of Finance, Department of Revenue: A department within the Government of India responsible for revenue collection and financial regulations.
Central Board of Excise and Customs: A government agency responsible for the administration of excise and customs duties.
New Delhi: The location where the notification was issued.
Indian Rupee: The official currency of India, for which exchange rates are being determined.
Australian Dollar: Foreign currency listed in Schedule I for exchange rate determination.
Bahrain Dinar: Foreign currency listed in Schedule I for exchange rate determination.
Japanese Yen: Foreign currency listed in Schedule II for exchange rate determination.
jftLVªh löa Mhö ,yö&33004@99 REGD. NO. D. L.-33004/99
vlk/kj.k
EXTRAORDINARY
Hkkx II—[k.M 3—mi&[k.M (ii)
PART II—Section 3—Sub-section (ii)
izkf/dkj ls izdkf'kr
PUBLISHED BY AUTHORITY
l-a 982] ubZ fnYyh] c``gLifrokj] ebZ 1] 2014@oS'kk[k 11] 1936
No. 982] NEW DELHI, THURSDAY, MAY 1, 2014/VAISAKHA 11, 1936
foÙk ea=kky;
(jktLo foHkkx)
(dsUæh; mRikn 'kqYd ,oa lhek&'kqYd cksMZ)
vf/lwpuk
ubZ fnYyh] 1 ebZ ] 2014
la- 38@2014&lhek&'kqYd (xS- VS-)
dk-vk- 1189(v)-—lhek&'kYq d vf/fu;e] 1962 (1962 dk 52) dh /kjk 14 }kjk inz Ùk 'kfDr;k as dk i;z kxs djr s g,q vkSj
Hkkjr ljdkj ds foÙk ea=kky; (jktLo foHkkx) dh dk-vk- 1105(v)] fnukad 17 vizSy] 2014 ds tfj, tkjh vf/lwpuk
la- 32@2014&lhek&'kqYd (xS-VS-)] fnukad 17 vizSy] 2014 dks vf/Økar djrs gq,] ,sls izfrLFkkiu ls iwoZ dh xbZ vFkok fd, tkus ls yksi
dh xbZ ckrksa dks NksM+dj] dsUnzh; mRikn 'kqYd ,oa lhek&'kqYd cksMZ ,rn~}kjk fu/kZfjr djrk gS fd blds lkFk layXu vuqlwph I vkSj
vuqlwph II esa ls izR;sd ds dkWye (2) esa fofu£n"V izR;sd fons'kh eqnzk ds Hkkjrh; eqnzk esa laifjorZu vkSj Hkkjrh; eqnzk ds fons'kh eqnzk esa
laifjorZu dh fofue; nj 2 ebZ] 2014 ls og gksxh tks vk;kfrr eky vkSj fu;kZr eky ds laca/ esa mDr /kjk ds mís'; ds fy, mlds dkWye
(3) esa nh xbZ rRlaca/h izfof"V esa mfYyf[kr gS A
vulq pw h&I
Øe fons'kh eqnkz Hkkjrh; :i;s ds lerqY; fons'kh eqnzk dh
l[a ;k ,d bdkb Z dh fofue; nj
(1) (2) (3)
(d) ([k)
(vk;kfrr eky ds fy,) (fu;kZr eky ds fy,)
1- vkLVªsfy;u Mkyj 56-75 55-35
2- ckgjsuh nhukj 164-70 155-65
3- dusfM;u Mkyj 55-70 54-40
4- Msfu'k Øksuj 11-35 11-00
5- ;wjks 84-30 82-30
6- gkaxdkax Mkyj 7-85 7-70
7- oqQorS h nhukj 220-85 208-40
1839 GI/2014 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
(1) (2) (3) (4)
8- U;wthySaM Mkyj 52-35 51-05
9- ukWosZft;u Øksuj 10-20 9-90
10- ikm.M LV²yx 102-70 100-40
11- ¯lxkiqj Mkyj 48-60 47-50
12- lkmFk vizQhdu jSaM 5-90 5-55
13- lkÅnh vjsfc;u fj;ky 16-55 15-65
14- LohfM'k Øksuj 9-35 9-05
15- fLol iQzaSd 69-15 67-45
16- ;w- ,- b- fnjge 16-90 16-00
17- ;w- ,l- Mkyj 60-85 59-85
vulq pw h-II
Øe fons'kh eqnkz Hkkjrh; :i;s ds lerqY; fons'kh eqnzk dh
l-a 100 bdkb Z dh fofue; nj
(1) (2) (3)
(d) ([k)
(vk;kfrr eky ds fy,) (fu;kZr eky ds fy,)
1- tkikuh ;su 59-70 58-25
2- dsU;u f'k¯Yyx 71-55 67-55
¹iQk- l-a 468@01@2014&lhek&'kYq d&Vº
lR;thr eksgfUr] funs'kd (vkbZ lh-Mh)
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, the 1st May , 2014
No. 38/2014-CUSTOMS (N.T.)
S.O. 1189(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. 32/2014-Customs (N.T.), dated the 17th April , 2014, vide number S.O. 1105(E), dated the 17th April , 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
2nd May, 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 56.75 55.35
2. Bahrain Dinar 164.70 155.65¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
(1) (2) (3) (4)
3. Canadian Dollar 55.70 55.40
4. Danish Kroner 11.35 11.00
5. EURO 84.30 82.30
6. Hong Kong Dollar 7.85 7.70
7. Kuwait Dinar 220.85 208.40
9. New Zealand Dollar 52.35 51.05
9. Norwegian Kroner 10.20 9.90
10. Pound Sterling 102.70 100.40
11. Singapore Dollar 48.60 47.50
12. South African Rand 5.90 5.55
13. Saudi Arabian Riyal 16.55 15.65
14. Swedish Kroner 9.35 9.05
15. Swiss Franc 69.15 67.45
16. UAE Dirham 16.90 16.00
17. US Dollar 60.85 59.85
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 59.70 58. 25
2. Kenya Shilling 71.55 67. 55
[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.