The Central Board of Indirect Taxes and Customs (CBIC) on June 16, 2022, releases the Exchange Rate Notification for the valuation of goods for purposes of assessment under the Customs Act, 1962. In international trade, the value of goods is determined by converting the foreign currency into INR using the customs exchange rate. This is the deemed value of goods on which a duty of customs will be chargeable.
The CBIC has issued an exchange rate Notification determining the rate of exchange of conversion of the below-mentioned foreign currencies in Indian rupees which will be effective from June 17, 2022
• Australian Dollar
• Bahrain Dinar
• Canadian Dollar
• Chinese Yuan
• Danish Kroner
• EURO
• Hong Kong Dollar
• Kuwait Dinar
• New Zealand Dollar
• Norwegian Kroner
• Pound Sterling
• Qatari Riyal
• Saudi Arabian Riyal
• Singapore Dollar
• South African Rand
• Swedish Kroner
• Swiss Franc
• Turkish Lira
• UAE Dirham
• US Dollar
• Japanese Yen
• Korean Won
[Notification No.51/2022 - Customs (N.T.)]
