The Central Board of Indirect Taxes and Customs (CBIC) announced the launch of the automated system for publishing currency exchange rates, set to go live on July 4. The new system, known as the Exchange Rate Automation Module (ERAM), will replace the current manual process of notifying exchange rates through a notification.
Key Highlights of ERAM
1. Automation of Exchange Rates
- ERAM will automate the publication of exchange rates for 22 currencies, making them available online for importers and exporters.
- This system will enhance trade facilitation by providing exchange rates in advance, ensuring ease of consumption.
2. Publication Schedule
- Exchange rates will be published on the ICEGATE website twice a month: on the evening of the 1st and 3rd Thursdays.
- The rates will become effective from midnight of the following day.
3. Accessibility and Reference
- Users can access the published exchange rates through a link on the CBIC website, redirecting to the ICEGATE platform.
- Historical exchange rates will be stored and remain accessible on ICEGATE for future reference, allowing users to check past rates.
The CBIC highlighted that the implementation of ERAM is part of its ongoing efforts to enhance digitalization of customs processes. By automating the exchange rate notification process, the CBIC aims to streamline operations and improve efficiency for all stakeholders involved in international trade.
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