The Central Board of lndirect Taxes & Customs (CBIC) on June 25, 2024, notified regarding the Launch of the Exchange Rate Automation Module (ERAM).
The following has been stated:
• It has now been decided to automate the aforesaid process of issuing exchange rates, beginning with the forwarding of exchange rate data by SBI to ICEGATE through message exchange. The exchange rates received from SBI shall be adjusted to the nearest 5 paise and integrated with ICEs.
o These exchange rates shall be published on the ICEGATE website at 6:00 p.m. as per the existing frequency and shall be accessible for public viewing on the ICEGATE website i.e. https://www.icegate.gov.in.
• These rates, so published online, shall come into effect from midnight of the following day. For instance, exchange rates published on the evening of July 11, 2024, shall come into force from 00:00 hrs of July 12, 2024, and shall remain in force till the next revision.
• The automated system of ascertaining and publishing of exchange rates shall come into effect from July 04, 2024, upon which the existing system of notifying exchange rates through a notification would be dispensed with. A link shall be provided on the CBIC website which will take the user to the ICEGATE website, where the published rates will be available for viewing.
[Notification No 07/2024-Customs]
