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Date: 2014-03-18 Category: Extra Ordinary State: Union Government Country: India

The Central Board of Excise and Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 28-2015-CUSTOMS (N.T.) dated the 5th March, 2015.

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

This notification, No. 31/2015-Customs (N.T.), issued by the Ministry of Finance, Department of Revenue, Central Board of Excise and Customs, and dated March 18, 2015, amends Notification No. 28/2015-Customs (N.T.), dated March 5, 2015. The amendment concerns the exchange rates for the purpose of assessment under Section 14 of the Customs Act, 1962. Specifically, it substitutes the entry for Norwegian Kroner in Schedule I of the earlier notification, setting the rate of exchange to ₹7.65 per unit of foreign currency for imported goods and ₹7.45 per unit for export goods. These rates become effective from March 19, 2015. The notification was issued under F. No. 468/01/2015-Cus.V and signed by Satyajit Mohanty, Director, ICD.

Key Entities Referenced

Customs Act, 1962: A legal act providing the framework for customs duties and regulations in India. Central Board of Excise and Customs: A government agency responsible for the administration of indirect taxes, including customs duties. Ministry of Finance, Department of Revenue: The government ministry and department responsible for financial matters, including revenue collection and taxation. New Delhi: The location of the notification, likely the headquarters of the Ministry of Finance and Central Board of Excise and Customs. New Delhi is the capital of India. Norwegian Kroner: A foreign currency for which the exchange rate with Indian Rupees is being notified. S.O. 794(E): A specific notification number related to the Customs Act. Notification No. 28/2015-Customs (N.T.): A previous notification being amended by the current notification. Mayapuri, New Delhi 110064: Location of the Government of India Press.
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