Exchange rate Notification No. 15/2023-Cus (NT) dated 16.03.2023-reg

Last updated: 20 March 2023

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The Central Board of Indirect Taxes and Customs (CBIC) has issued a new notification (No. 15/2023-Cus (NT)) establishing updated exchange rates between foreign currencies and the Indian Rupee. These rates are effective from 17th March 2023 and apply to both imported and exported goods. This supersedes the previous notification dated 2nd March 2023.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
*****

Notification No. 15/2023 – Customs (N.T.)

Dated: 16^th March, 2023

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 12/2023-Customs(N.T.), dated 2^nd March, 2023 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 17^th March, 2023, 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 Export Goods)
1.	Australian Dollar	56.15	53.70
2.	Bahraini Dinar	226.55	213.10
3.	Canadian Dollar	61.20	59.25
4.	Chinese Yuan	12.15	11.80
5.	Danish Kroner	12.00	11.60
6.	EURO	89.35	86.20
7.	Hong Kong Dollar	10.75	10.35
8.	Kuwaiti Dinar	278.35	261.75
9.	New Zealand Dollar	52.35	50.05
10.	Norwegian Kroner	7.85	7.60
11.	Pound Sterling	101.70	98.30
12.	Qatari Riyal	23.45	21.95
13.	Saudi Arabian Riyal	22.75	21.40
14.	Singapore Dollar	62.30	60.30
15.	South African Rand	4.65	4.35
16.	Swedish Kroner	7.95	7.70
17.	Swiss Franc	90.70	87.30
18.	Turkish Lira	4.50	4.25
19.	UAE Dirham	23.25	21.85
20.	US Dollar	83.70	81.95

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	63.40	61.40
2.	Korean Won	6.50	6.10

[F.No. 468/01/2023-Cus.V]

(Harish Kumar)
Under Secretary to the Govt. of India

FAQ :

This notification sets the official exchange rates for converting foreign currencies into Indian currency and vice versa for customs purposes, applicable to imported and exported goods.

The new exchange rates are effective from 17th March 2023.

The notification covers a range of foreign 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.

Yes, the exchange rates specified in this notification are for the purpose of the Customs Act, relating to both imported and export goods.

Yes, this notification supersedes the Notification No. 12/2023-Customs(N.T.), dated 2nd March 2023, except for things done or omitted before the supersession date.

Notification No : 15/2023 – Customs (N.T.)
Source : https://taxinformation.cbic.gov.in/view-pdf/1009666/ENG/Notifications

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