CBIC announces the Revised Exchange Rates w.e.f 18th December 2020



Quick Summary
The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification detailing revised exchange rates for foreign currencies against the Indian Rupee. These new rates are effective from 18th December 2020 and apply to both imported and exported goods. This supersedes the previous notification dated 3rd December 2020.

Exchange Rate Notification No.113/2020 - 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.110/2020-Customs(N.T.), dated 3rd December, 2020 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 18th December, 2020, 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.

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

57.05

54.70

2.

Bahraini Dinar

201.70

188.95

3.

Canadian Dollar               

58.90

56.80

4.

Chinese Yuan

11.45

11.10

5.

Danish Kroner

12.30

11.85

6.

EURO

91.50

88.25

7.

Hong Kong Dollar

9.65

9.30

8.

Kuwaiti Dinar

249.60

233.70

9.

New Zealand Dollar

53.85

51.50

10.

Norwegian Kroner

8.65

8.35

11.

Pound Sterling

101.25

97.85

12.

Qatari Riyal

20.85

19.60

13.

Saudi Arabian Riyal

20.25

19.00

14.

Singapore Dollar

56.40

54.50

15.

South African Rand

5.15

4.80

16.

Swedish Kroner

9.00

8.65

17.

Swiss Franc

84.90

81.45

18.

Turkish Lira

9.75

9.15

19.

UAE Dirham

20.70

19.40

20.

US Dollar

74.45

72.75

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

72.55

69.85

2.

Korean Won

6.95

6.55

FAQ :

The revised exchange rates are effective from 18th December 2020.

The Central Board of Indirect Taxes and Customs (CBIC) announced the revised exchange rates.

These rates apply to the conversion of foreign currencies into Indian currency and vice versa for imported and exported goods.

Notification No.110/2020-Customs(N.T.), dated 3rd December 2020, has been superseded.

Yes, the rates are different for imported goods and exported goods as shown in Schedule I and Schedule II.




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