In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs has released the latest rate of exchange of conversion of foreign currencies into Indian currency or vice versa.
The new exchange rate will be effective from today (27th March) relating to imported and export goods.
“In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 18/2024-Customs(N.T.), dated 7th March, 2024 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 27th March, 2024, 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,” the Ministry of Finance said in a statement.
SCHEDULE-I
| Sl.No. | Foreign Currency | Rate of exchange of one unit of foreign currency equivalent to Indian rupees | |
|---|---|---|---|
| (a) | (b) | ||
| (For Imported Goods) | (For Export Goods) | ||
| 1. | Australian Dollar | 56.25 | 53.85 |
| 2. | Bahraini Dinar | 229.00 | 212.35 |
| 3. | Canadian Dollar | 62.75 | 60.75 |
| 4. | Chinese Yuan | 11.75 | 11.35 |
| 5. | Danish Kroner | 12.35 | 12.00 |
| 6. | EURO | 92.50 | 89.35 |
| 7. | Hong Kong Dollar | 10.80 | 10.50 |
| 8. | Kuwaiti Dinar | 279.30 | 261.95 |
| 9. | New Zealand Dollar | 51.85 | 49.55 |
| 10. | Norwegian Kroner | 8.00 | 7.80 |
| 11. | Pound Sterling | 108.10 | 104.65 |
| 12. | Qatari Riyal | 23.55 | 22.15 |
| 13. | Saudi Arabian Riyal | 22.90 | 21.60 |
| 14. | Singapore Dollar | 63.20 | 61.20 |
| 15. | South African Rand | 4.60 | 4.30 |
| 16. | Swedish Kroner | 8.15 | 7.90 |
| 17. | Swiss Franc | 95.75 | 92.15 |
| 18. | Turkish Lira | 2.65 | 2.50 |
| 19. | UAE Dirham | 23.35 | 21.95 |
| 20. | US Dollar | 84.00 | 82.25 |
Also Read: 50-30-20 Budgeting Rule, but with a twist for Financial Independence!
SCHEDULE-II
| Sl.No. | Foreign Currency | Rate of exchange of 100 units of foreign currency equivalent to Indian rupees | |
| (a) | (b) | ||
| (For Imported Goods) | (For Export Goods) | ||
| 1. | Japanese Yen | 56.10 | 54.40 |
| 2. | Korean Won | 6.45 | 6.10 |
The Central Board of Indirect Taxes and Custom regularly revises foreign currency exchange rates. We will update this space after the announcement of new rates.
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