CBDT determines rate of exchange of conversion of foreign currencies w.e.f 7th May 2021

Last updated: 06 May 2021

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The Central Board of Indirect Taxes and Customs (CBDT) has announced updated foreign currency exchange rates that are effective from May 7, 2021. These rates are used for converting foreign currencies into Indian Rupees, or vice versa, for both imported and exported goods. The notification supersedes previous rates set in April 2021.

Exchange Rate Notification No.46/2021 - Customs (N.T.)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.43/2021-Customs(N.T.), dated 15^th April, 2021 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 7^thMay, 2021, 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.

CBDT Sets New Foreign Currency Exchange Rates from May 7, 2021

SCHEDULE-I

Sl. No.	Foreign Currency	Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(a)	(b)
		(For Imported Goods)	(For Exported Goods)
1.	Australian Dollar	58.35	55.95
2.	Bahraini Dinar	202.35	189.95
3.	Canadian Dollar	61.30	59.10
4.	Chinese Yuan	11.60	11.25
5.	Danish Kroner	12.15	11.70
6.	EURO	90.25	87.10
7.	Hong Kong Dollar	9.70	9.35
8.	Kuwaiti Dinar	253.30	237.30
9.	New Zealand Dollar	54.55	52.20
10.	Norwegian Kroner	9.00	8.70
11.	Pound Sterling	104.45	100.95
12.	Qatari Riyal	20.95	19.65
13.	Saudi Arabian Riyal	20.35	19.10
14.	Singapore Dollar	56.20	54.35
15.	South African Rand	5.30	4.95
16.	Swedish Kroner	8.85	8.55
17.	Swiss Franc	82.45	79.20
18.	Turkish Lira	9.15	8.60
19.	UAE Dirham	20.75	19.50
20.	US Dollar	74.75	73.05

SCHEDULE-II

Sl. No.	Foreign Currency	Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(a)	(b)
		(For Imported Goods)	(For Export Goods)
1.	Japanese Yen	68.85	66.30
2.	Korean Won	6.80	6.35

FAQ :

This notification determines the official rates of exchange for converting foreign currencies into Indian currency, or vice versa, for the purpose of calculating customs duties on imported and exported goods.

The new exchange rates are effective from May 7, 2021.

The notification covers a range of foreign currencies including Australian Dollar, US Dollar, Pound Sterling, EURO, Japanese Yen, and many others, as detailed in Schedule I and Schedule II.

Yes, there are separate rates specified for imported goods and exported goods for each foreign currency listed.

Yes, this notification supersedes the previous Notification No.43/2021-Customs(N.T.) dated April 15, 2021, except for actions taken before this new notification.

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CBDT determines rate of exchange of conversion of foreign currencies w.e.f 7th May 2021