CBIC notifies Updated Foreign Exchange Rate of Import and Export of Goods: Check New Rate [Read Notification]

Kuwaiti Dinar tops the exchange rate followed by Bahraini Dinar

By Navasree A.M - On March 27, 2024 5:19 pm - 2 mins read

CBIC - Foreign Exchange Rate - Foreign Exchange - Export of Goods - taxscan

The Central Board of Indirect Taxes and Customs ( CBIC ), vide notification no. 24/2024 – Customs (N.T.) issued on 26th March 2024 has updated the foreign currency exchange rate for the import and exchange of goods with effect from 27th March 2024.

Under the authority granted by section 14 of the Customs Act, 1962, and replacing Notification No. 18/2024-Customs(N.T.), dated 7th March, 2024, the Central Board of Indirect Taxes and Customs declares the exchange rates for foreign currencies listed in Schedule I and Schedule II.

These rates, specified in column (3) against each currency in the respective schedules, apply for the conversion into Indian currency or vice versa. This determination is applicable for the purposes of the said section, concerning the import and export of goods. The supersession does not affect actions taken or omitted before this change.

SCHEDULE 1

S. No.	Foreign Currency	Rate of exchange of 1 unit of foreign currency equivalent to Indian rupees ( For Imported Goods )	Rate of exchange of 1 unit of foreign currency equivalent to Indian rupees ( For Export Goods )
1	Australian Dollar	56.25	53.85
2	Bahraini Dinar	229.00	212.35
3	Canadian Dollar	62.75	60.75
4	Chinese Yuan	11.75	11.35
5	Danish Kroner	12.35	12.00
6	EURO	92.50	89.35
7	Hong Kong Dollar	10.80	10.50
8	Kuwaiti Dinar	279.30	261.95
9	New Zealand Dollar	51.85	49.55
10	Norwegian Kroner	8.00	7.80
11	Pound Sterling	108.10	104.65
12	Qatari Riyal	23.50	22.05
13	Saudi Arabian Riyal	23.55	22.15
14	Singapore Dollar	63.20	61.20
15	South African Rand	4.60	4.30
16	Swedish Kroner	8.15	7.90
17	Swiss Franc	95.75	92.15
18	Turkish Lira	2.65	2.50
19	UAE Dirham	23.35	21.95
20	US Dollar	84.00	82.25

SCHEDULE 2

S. No.	Foreign Currency	Rate of exchange of 1 unit of foreign currency equivalent to Indian rupees ( For Imported Goods )	Rate of exchange of 1 unit of foreign currency equivalent to Indian rupees ( For Export Goods )
1	Japanese Yen	56.10	54.40
2	Korean Won	6.45	6.10