New Delhi, March 7, 2024 – The Ministry of Finance has released the latest exchange rates for customs duties. Effective from March 8, 2024, the new rates were determined under the powers conferred by section 14 of the Customs Act, 1962.
The notification supersedes the previous rates set on February 15, 2024, and applies to both imported and export goods. The Central Board of Indirect Taxes and Customs has provided a detailed schedule of rates for various foreign currencies.
For instance, the rate of exchange for one unit of the US Dollar for imported goods is set at ₹83.75, while for export goods, it is ₹82.00. Similarly, the EURO stands at ₹91.90 for imports and ₹88.75 for exports.
The full list of exchange rates for individual currencies can be found in Schedule I and Schedule II of the notification. These rates are crucial for importers and exporters in calculating the value of customs duties and taxes for international trade.
The updated exchange rates reflect the ongoing economic adjustments and aim to streamline the customs process for businesses engaged in global commerce.
SCHEDULE-I
| Sl.
No. |
Foreign Currency | Rate of exchange of one unit of foreign currency equivalent to Indian rupees | |
|
|
(2) | (3) | |
| (a) | (b) | ||
| (For Imported Goods) | (For Export Goods) | ||
| 1. | Australian Dollar | 55.70 | 53.30 |
| 2. | Bahraini Dinar | 228.45 | 211.85 |
| 3. | Canadian Dollar | 62.30 | 60.35 |
| 4. | Chinese Yuan | 11.70 | 11.30 |
| 5. | Danish Kroner | 12.30 | 11.95 |
| 6. | EURO | 91.90 | 88.75 |
| 7. | Hong Kong Dollar | 10.75 | 10.45 |
| 8. | Kuwaiti Dinar | 278.35 | 261.00 |
| 9. | New Zealand Dollar | 52.05 | 49.70 |
| 10. | Norwegian Kroner | 8.00 | 7.80 |
| 11. | Pound Sterling | 107.25 | 103.80 |
| 12. | Qatari Riyal | 23.50 | 22.05 |
| 13. | Saudi Arabian Riyal | 22.80 | 21.50 |
| 14. | Singapore Dollar | 62.95 | 60.95 |
| 15. | South African Rand | 4.55 | 4.25 |
| 16. | Swedish Kroner | 8.15 | 7.95 |
| 17. | Swiss Franc | 95.75 | 92.20 |
| 18. | Turkish Lira | 2.70 | 2.55 |
| 19. | UAE Dirham | 23.25 | 21.90 |
| 20. | US Dollar | 83.75 | 82.00 |
SCHEDULE-II
| Sl.
No. |
Foreign Currency | Rate of exchange of 100 units of foreign currency equivalent to Indian rupees | |
|
|
(2) | (3) | |
| (a) | (b) | ||
| (For Imported Goods) | (For Export Goods) | ||
| 1. | Japanese Yen | 56.60 | 54.85 |
| 2. | Korean Won | 6.40 | 6.05 |
