CBIC notifies new Exchange Rate of Foreign Currency for Import and Export of Goods we.f. 21st July 2023

By Navasree A.M - On July 21, 2023 5:31 pm - 2 mins read

CBIC - Exchange - Rate - Foreign - Currency - Import - Export - Goods - TAXSCAN

The Central Board of Indirect Taxes and Customs (CBIC) vide notification no. Notification No. 54/2023 – Customs (N.T) has notified the exchange rate on 20th July 2023. The rate shall come into effect on 21st July 2023.

In the exercise of the authority granted by section 14 of the Customs Act, 1962, and to replace the Notification No. 50/2023-Customs(N.T.), issued on 6th July 2023, with the exception of actions taken or omitted before this replacement.

The CBIC declared the exchange rate for each of the specified foreign currencies mentioned in column (2) of both Schedule I and Schedule II attached below, concerning conversion into Indian currency or vice versa, shall be as mentioned in column (3) against each corresponding entry, effective from 21st July 2023.

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	57.35	54.90
2	Bahraini Dinar	224.55	211.15
3	Canadian Dollar	63.50	61.40
4	Chinese Yuan	11.60	11.30
5	Danish Kroner	12.55	12.15
6	EURO	93.75	90.55
7	Hong Kong Dollar	10.70	10.35
8	Kuwaiti Dinar	276.40	259.40
9	New Zealand Dollar	53.10	50.70
10	Norwegian Kroner	8.35	8.10
11	Pound Sterling	108.10	104.55
12	Qatari Riyal	23.25	21.85
13	Saudi Arabian Riyal	22.60	21.20
14	Singapore Dollar	63.10	61.10
15	South African Rand	4.75	4.45
16	Swedish Kroner	8.15	7.90
17	Swiss Franc	97.70	94.00
18	Turkish Lira	3.15	2.95
19	UAE Dirham	23.05	21.65
20	US Dollar	82.95	81.20

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	59.90	58.00
2	Bahraini Dinar	6.70	6.30