CBIC releases updated rate of exchange of conversion w.e.f 5th March, 2021

Last updated: 04 March 2021

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The Central Board of Indirect Taxes and Customs (CBIC) has issued a new notification detailing the updated rates of exchange for converting foreign currencies into Indian rupees, and vice versa. These revised rates are effective from 5th March 2021 and apply to both imported and exported goods. The notification supersedes previous rates, except for transactions completed before the new rates came into effect.

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.18/2021-Customs (N.T.), dated 18^th February, 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 5^th March, 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.

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	58.15	55.75
2.	Bahraini Dinar	200.00	187.65
3.	Canadian Dollar	58.75	56.65
4.	Chinese Yuan	11.45	11.10
5.	Danish Kroner	12.05	11.60
6.	EURO	89.65	86.45
7.	Hong Kong Dollar	9.60	9.25
8.	Kuwaiti Dinar	249.25	233.70
9.	New Zealand Dollar	54.35	51.95
10.	Norwegian Kroner	8.75	8.40
11.	Pound Sterling	103.60	100.10
12.	Qatari Riyal	20.70	19.45
13.	Saudi Arabian Riyal	20.10	18.85
14.	Singapore Dollar	55.75	53.85
15.	South African Rand	5.00	4.70
16.	Swedish Kroner	8.80	8.50
17.	Swiss Franc	81.05	77.90
18.	Turkish Lira	10.10	9.50
19.	UAE Dirham	20.55	19.25
20.	US Dollar	73.90	72.20

New Exchange Rates for Customs Conversion Effective March 5th

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	69.55	67.00
2.	Korean Won	6.70	6.30

FAQ :

The notification sets the official rates for converting foreign currencies into Indian currency (and vice versa) for customs purposes, specifically for imported and exported goods.

The updated exchange rates are effective from 5th March 2021.

The notification includes rates for various currencies such as Australian Dollar, Bahraini Dinar, Canadian Dollar, Chinese Yuan, EURO, Pound Sterling, US Dollar, Japanese Yen, and Korean Won, among others.

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

This notification supersedes the previous Notification No.18/2021-Customs (N.T.), dated 18th February, 2021, except for things done or omitted before the supersession.

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