CBIC makes amendments in the Exchange Rate of Turkish Lira



Quick Summary
The Central Board of Indirect Taxes and Customs (CBIC) has announced an amendment to the official exchange rate of the Turkish Lira. This change, which took effect on 31st December 2020, revises the rate of exchange for one unit of Turkish Lira equivalent to Indian Rupees for both imported and exported goods.

The Central Board of Indirect Taxes and Customs has made an announcement regarding the change in the Exchange Rate of Turkish Lira. Read the official announcement below:

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs hereby makes the following amendment in the Notification of the Central Board of Indirect Taxes and Customs No.113/2020-CUSTOMS (N.T.), dated 17th December, 2020 with effect from 31st December, 2020, namely: -

In the SCHEDULE-I of the said Notification, for serial No. 18 and the entries relating thereto, the following shall be substituted, namely: -

SCHEDULE-I

Turkish Lira Exchange Rate Amended by CBIC

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)

18.

Turkish Lira

10.25

9.65

FAQ :

The Central Board of Indirect Taxes and Customs (CBIC) has made the amendment.

The exchange rate for the Turkish Lira against the Indian Rupee has been amended.

The amendment came into effect from 31st December 2020.

For imported goods, the new rate is 10.25 Indian Rupees for one unit of Turkish Lira.

For exported goods, the new rate is 9.65 Indian Rupees for one unit of Turkish Lira.




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