CBIC amends exchange rate vide notification No. 40/2021 - Customs (N.T.)

Last updated: 02 April 2021

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The Central Board of Indirect Taxes and Customs (CBIC) has issued a new notification, No. 40/2021 - Customs (N.T.), to amend the official exchange rates for foreign currencies. These updated rates, which come into effect from April 2nd, 2021, will be used for converting foreign currency to Indian Rupees and vice versa for both imported and exported goods. This supersedes the previous notification dated March 18th, 2021.

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.31/2021-Customs(N.T.), dated 18^th March, 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 2^nd April, 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.

CBIC Amends Exchange Rates for Customs from April 2nd

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	57.10	54.70
2.	Bahraini Dinar	200.70	188.35
3.	Canadian Dollar	59.25	57.15
4.	Chinese Yuan	11.35	11.00
5.	Danish Kroner	11.80	11.35
6.	EURO	87.65	84.55
7.	Hong Kong Dollar	9.60	9.25
8.	Kuwaiti Dinar	250.45	234.75
9.	New Zealand Dollar	52.60	50.25
10.	Norwegian Kroner	8.75	8.45
11.	Pound Sterling	102.70	99.25
12.	Qatari Riyal	20.80	19.50
13.	Saudi Arabian Riyal	20.20	18.95
14.	Singapore Dollar	55.50	53.60
15.	South African Rand	5.10	4.80
16.	Swedish Kroner	8.55	8.25
17.	Swiss Franc	79.35	76.25
18.	Turkish Lira	9.05	8.55
19.	UAE Dirham	20.60	19.35
20.	US Dollar	74.15	72.45

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	67.55	65.05
2.	Korean Won	6.70	6.30

FAQ :

The notification amends the official rates of exchange for converting foreign currencies into Indian currency and vice versa, for the purpose of calculating customs duty on imported and exported goods.

The new exchange rates are effective from April 2nd, 2021.

The notification covers a range of currencies including Australian Dollar, Bahraini Dinar, Canadian Dollar, Chinese Yuan, EURO, Pound Sterling, US Dollar, Japanese Yen, and Korean Won, among others, as listed in Schedule I and Schedule II.

Yes, the notification specifies different rates of exchange for imported goods and exported goods for each currency.

Yes, this notification supersedes the previous Notification No. 31/2021-Customs(N.T.), dated 18th March, 2021, except for actions taken before the supersession.

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