CBIC notifies New Exchange Rate of Turkish Lira

The Central Board of Indirect Taxes and Customs (CBIC) notified the new exchange rate of Turkish Lira. The Turkish Lira (TRY) is the official currency of Turkey. It is denoted by"TRY."

The Central Board of Indirect Taxes and Customs, acting under the authority granted by section 14 of the Customs Act, 1962, amended its notification no. 44/2023-CUSTOMS (N.T.), dated June 15, 2023, with the following changes taking effect on June 24, 2023.

On June 7, 2023, the Finance Ministry has already changed the exchange rates for converting foreign currencies for import and export of commodities. Then it was notified that the Turkish Lira exchange rate was 3.85 for the imported goods and 3.60 for export goods.

The other exchange rates notified by the finance ministry included the revised rates of riyal, dirham, dollars etc. in the said notification the exchange rate of Turkish lira were Rs 4.1 on imported goods and 3.85 for export goods, in supersession of the Notification No. 36/2023-Customs(N.T.), dated 18th May 2023.

The new notification has revised the old one.

Sl.No.	Foreign Currency	Rate of exchange of one unit of foreign currency equivalent to Indian rupees
		(For Imported Goods)	(For Export Goods)
18.	Turkish Lira	3.40	3.15

The Department of Revenue, Ministry of Finance, and Government of India oversee the CBIC's operations. The primary responsibilities of the CBIC includes creating regulations for the imposition and collection of indirect taxes including the Goods and Services Tax (GST), Customs duties, Central Excise duties, and Service Tax.

The exchange rate of the Turkish Lira can fluctuate against other currencies. It is advisable to check with reputable financial sources, banks, or currency exchange services for the most up-to-date exchange rates. For the import or export related purposes, the finance ministry is notifying the same.

Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates