New Foreign Currency Rates for Imported and Exported Goods

The Central Board of Indirect Taxes and Customs issued Exchange Rate Notification No. 29/2023-Customs (N.T.) on April 20, 2023. The notification supersedes the Notification No. 26/2023-Customs(N.T.), dated April 6, 2023. The new notification is effective from April 21, 2023, and is issued under the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962).

Schedule I: Rates of Foreign Currencies for Imported and Exported Goods

The notification contains Schedule I and Schedule II. Schedule I lists the foreign currencies’ exchange rates with the Indian rupee for imported and exported goods. The schedule contains a list of 20 foreign currencies with their exchange rates. These foreign currencies include Australian Dollar, Canadian Dollar, Danish Kroner, EURO, US Dollar, and others. The exchange rate for each currency unit against the Indian rupee is mentioned in column three.

Schedule II: Exchange Rates for 100 Units of Foreign Currencies

Schedule II of the notification lists the exchange rates of 100 units of foreign currencies equivalent to Indian rupees. The schedule contains two foreign currencies: Japanese Yen and Korean Won. The exchange rates for both these currencies for imported and exported goods are listed in columns two and three.

The rates mentioned in both Schedule I and Schedule II will be applicable for imported and export goods with effect from April 21, 2023. The rates mentioned in Notification No. 26/2023-Customs(N.T.), dated April 6, 2023, will no longer be applicable, except for actions that were done or omitted before the new notification’s implementation.

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	56.45	54.05
2.	Bahraini Dinar	225.10	211.70
3.	Canadian Dollar	62.10	60.10
4.	Chinese Yuan	12.10	11.75
5.	Danish Kroner	12.30	11.90
6.	EURO	91.80	88.55
7.	Hong Kong Dollar	10.65	10.30
8.	Kuwaiti Dinar	276.85	260.25
9.	New Zealand Dollar	52.05	49.70
10.	Norwegian Kroner	7.90	7.65
11.	Pound Sterling	104.00	100.60
12.	Qatari Riyal	23.30	21.85
13.	Saudi Arabian Riyal	22.65	21.30
14.	Singapore Dollar	62.70	60.65
15.	South African Rand	4.65	4.40
16.	Swedish Kroner	8.05	7.80
17.	Swiss Franc	93.50	90.00
18.	Turkish Lira	4.35	4.10
19.	UAE Dirham	23.10	21.75
20.	US Dollar	83.15	81.40

SCHEDULE-II

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	62.10	60.10
2.	Korean Won	6.40	6.00

Above Article was made with the Reference from Official PIB Delhi