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On September 1st, 2022, the Central Board of Indirect Taxes and Customs (CBIC) issued the CBIC Exchange Rate Notification for the valuation of goods for the purposes of assessment under the Customs Act, 1962. The value of goods in international trade is determined by converting the foreign currency into INR using the customs exchange rate. This is the deemed value of goods for which a customs duty will be levied.

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The CBIC issues a CBIC Gov Exchange Rate Notifications determining the rate of conversion of the following foreign currencies into Indian rupees. Recently Exchange Rate Notification CBIC has been released, which got effected on September 2, 2022. Continue reading to learn about the exchange rates.

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Exchange Rate Notification CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has announced the rate of exchange for converting foreign currencies into Indian currency or vice versa, effective September 2, 2022, for goods import and export. Below are given the exchange rates of Schedule 1 and 2 as it is mentioned in the CBIC Exchange Rate Notification.

 SCHEDULE-I


 Sl.No.


 Foreign Currency

Rate of exchange of 1 unit of foreign currency equivalent to Indian Rupees

For Imported Goods

For Exported Goods

1.

Australian Dollar

55.45

53.10

2.

Bahraini Dinar

217.70

204.65

3.

Canadian Dollar

61.50

59.45

4.

Chinese Yuan

11.70

11.35

5.

Danish Kroner

10.90

10.55

6.

EURO

81.25

78.25

7.

Hong Kong Dollar

10.30

9.95

8.

Kuwaiti Dinar

266.40

250.20

9.

New Zealand Dollar

49.85

47.55

10.

Norwegian Kroner

8.10

7.85

11.

Pound Sterling

93.80

90.60

12.

Qatari Riyal

22.30

20.95

13.

Saudi Arabian Riyal

21.85

20.50

14.

Singapore Dollar

57.75

55.90

15.

South African Rand

4.80

4.50

16.

Swedish Kroner

7.55

7.30

17.

Swiss Franc

82.75

79.70

18.

Turkish Lira

4.50

4.25

19.

UAE Dirham

22.35

21.00

20.

US Dollar

80.45

78.70

SCHEDULE-II                                       

Sl.No. Foreign Currency Rate of exchange of 100 units of foreign currency equivalent to Indian Rupees
For Imported Goods For Exported Goods

1.

Japanese Yen

57.95

56.10

2.

Korean Won

6.05

5.70

Hope you found this article helpful on CBIC Exchange Rate Notification. Know about Nobel Laureates in Medicine 2022.

CBIC Exchange Rate Notification FAQs

How is the exchange rate determined?

Exchange rates in a floating regime are generally determined by market forces of supply and demand for foreign exchange.

What happens when the exchange rate rises?

When an exchange rate changes, the value of one currency rises while the value of the other falls.

Who notifies the rate of exchange of foreign currencies into Indian currency or vice versa for goods import and export?

The Central Board of Indirect Taxes and Customs (CBIC) issues a notification.

When did the most recent notification of the exchange rate for imported and exported goods become available?

The Central Board of Indirect Taxes and Customs (CBIC) issued it on September 2, 2022. 

What exactly is an exchange rate?

The price of one country’s currency in relation to the currency of another.

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