CBIC determines rate of exchange of foreign currencies w.e.f 4th June 2021



Quick Summary
The Central Board of Indirect Taxes and Customs (CBIC) has established new foreign currency exchange rates that came into effect on 4th June 2021. These rates are used for converting foreign currencies to Indian rupees and vice versa for both imported and exported goods. This supersedes the previous notification dated 20th May 2021.

Exchange Rate Notification No.51/2021 - 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.48/2021-Customs(N.T.), dated 20th May, 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 4th June, 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.

New Foreign Currency Exchange Rates for Customs from June 4, 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

57.90

55.50

2.

Bahraini Dinar

200.20

187.90

3.

Canadian Dollar

61.85

59.65

4.

Chinese Yuan

11.65

11.25

5.

Danish Kroner

12.25

11.75

6.

EURO

90.85

87.65

7.

Hong Kong Dollar

9.60

9.25

8.

Kuwaiti Dinar

251.00

235.50

9.

New Zealand Dollar

54.20

51.85

10.

Norwegian Kroner

9.00

8.65

11.

Pound Sterling

105.35

101.85

12.

Qatari Riyal

20.75

19.45

13.

Saudi Arabian Riyal

20.10

18.90

14.

Singapore Dollar

56.25

54.35

15.

South African Rand

5.60

5.25

16.

Swedish Kroner

9.00

8.65

17.

Swiss Franc

83.00

79.75

18.

Turkish Lira

8.75

8.25

19.

UAE Dirham

20.55

19.30

20.

US Dollar

73.95

72.25

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

67.90

65.40

2.

Korean Won

6.80

6.35

FAQ :

The new foreign currency exchange rates take effect from 4th June 2021.

The Central Board of Indirect Taxes and Customs (CBIC) determines these exchange rates.

These exchange rates are used for the conversion of foreign currencies into Indian currency or vice versa, for the purpose of assessing imported and exported goods under the Customs Act.

Notification No.48/2021-Customs(N.T.), dated 20th May, 2021, has been superseded.

Yes, there are separate rates specified for imported goods and exported goods in the schedules.

The new rates cover various currencies including Australian Dollar, Bahraini Dinar, Canadian Dollar, Chinese Yuan, Danish Kroner, EURO, Hong Kong Dollar, Kuwaiti Dinar, New Zealand Dollar, Norwegian Kroner, Pound Sterling, Qatari Riyal, Saudi Arabian Riyal, Singapore Dollar, South African Rand, Swedish Kroner, Swiss Franc, Turkish Lira, UAE Dirham, US Dollar, Japanese Yen, and Korean Won.




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