New Exchange Rates for Import and Export Goods – Notification No. 33/2023

Notification No. 33/2023-Customs(N.T.) issued by the Central Board of Indirect Taxes and Customs has updated the exchange rates for imported and exported goods. This article provides a summary of the new rates.

The Central Board of Indirect Taxes and Customs has issued Notification No. 33/2023-Customs(N.T.) dated 4th May 2023, which supersedes Notification No. 29/2023-Customs(N.T.) dated 20th April 2023, regarding the exchange rates of foreign currencies into Indian Rupees or vice versa for the purpose of imported and export goods. These rates will come into effect on 5th May 2023. In this article, we’ll take a closer look at the new exchange rates.

Schedule I – Exchange Rates for Imported and Exported Goods

Schedule I contains a list of foreign currencies along with their corresponding exchange rates. The rates are determined in accordance with section 14 of the Customs Act, 1962 (52 of 1962). The following table shows the foreign currencies and their rates of exchange:

SCHEDULE-I

Sl.No.	Foreign Currency	Rate of exchange of one unit of foreign currency equivalent to Indian rupees
	(2)	(3)
		(a)	(b)
		(For Imported Goods)	(For Export Goods)
1.	Australian Dollar	55.90	53.50
2.	Bahraini Dinar	223.55	210.20
3.	Canadian Dollar	61.15	59.10
4.	Chinese Yuan	12.00	11.70
5.	Danish Kroner	12.35	11.95
6.	EURO	92.20	89.00
7.	Hong Kong Dollar	10.60	10.25
8.	Kuwaiti Dinar	275.55	259.05
9.	New Zealand Dollar	52.40	50.05
10.	Norwegian Kroner	7.75	7.50
11.	Pound Sterling	104.55	101.15
12.	Qatari Riyal	23.15	21.60
13.	Saudi Arabian Riyal	22.50	21.10
14.	Singapore Dollar	62.60	60.55
15.	South African Rand	4.65	4.35
16.	Swedish Kroner	8.10	7.85
17.	Swiss Franc	94.40	90.80
18.	Turkish Lira	4.30	4.05
19.	UAE Dirham	22.95	21.60
20.	US Dollar	82.60	80.85

Schedule II – Exchange Rates for Imported and Exported Goods

Schedule II contains the exchange rates of two foreign currencies:

Foreign Currency Exchange Rate for Imported Goods Exchange Rate for Export Goods Japanese Yen 61.75 59.75 Korean Won 6.4 6

Sl.No.	Foreign Currency	Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
	(2)	(3)
		(a)	(b)
		(For Imported Goods)	(For Export Goods)
1.	Japanese Yen	61.75	59.75
2.	Korean Won	6.4	6

Conclusion

The Central Board of Indirect Taxes and Customs has updated the exchange rates of foreign currencies in accordance with section 14 of the Customs Act, 1962 (52 of 1962). The new exchange rates will be effective from 5th May 2023. It is important for importers and exporters to take note of these changes to ensure that their transactions are correctly valued.

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