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

New Exchange Rates for Import and Export Goods
New Exchange Rates for Import and Export Goods

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 CurrencyRate of exchange of one unit of foreign currency equivalent to Indian rupees
 (2)(3)
  (a)(b)
  (For Imported Goods)(For Export Goods)
1.Australian Dollar55.9053.50
2.Bahraini Dinar223.55210.20
3.Canadian Dollar61.1559.10
4.Chinese Yuan12.0011.70
5.Danish Kroner12.3511.95
6.EURO92.2089.00
7.Hong Kong Dollar10.6010.25
8.Kuwaiti Dinar275.55259.05
9.New Zealand Dollar52.4050.05
10.Norwegian Kroner7.757.50
11.Pound Sterling104.55101.15
12.Qatari Riyal23.1521.60
13.Saudi Arabian Riyal22.5021.10
14.Singapore Dollar62.6060.55
15.South African Rand4.654.35
16.Swedish Kroner8.107.85
17.Swiss Franc94.4090.80
18.Turkish Lira4.304.05
19.UAE Dirham22.9521.60
20.US Dollar82.6080.85
Source:PIB

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 CurrencyRate of exchange of 100 units of foreign currency equivalent to Indian rupees
 (2)(3)
  (a)(b)
  (For Imported Goods)(For Export Goods)
1.Japanese Yen61.7559.75
2.Korean Won6.46
Source:PIB

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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