Mahima Chaudhary | Updated: Sep 4, 2022 22:54 IST
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.
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.
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 |
| 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.
Exchange rates in a floating regime are generally determined by market forces of supply and demand for foreign exchange.
When an exchange rate changes, the value of one currency rises while the value of the other falls.
The Central Board of Indirect Taxes and Customs (CBIC) issues a notification.
The Central Board of Indirect Taxes and Customs (CBIC) issued it on September 2, 2022.
The price of one country’s currency in relation to the currency of another.