The Central Board of Indirect Taxes and Customs, an authority in charge of managing tax, and customs has issued Exchange Rate Notification No.40/2023 amending certain important provisions in the Central Board of Indirect Taxes and Customs Notification No.39/2023.
The notification which was issued on 7th June 2023 in exercise of the powers conferred by Section 14 of the Customs Act, shall take effect from 8th June, 2023.This notification has substituted In the schedule 1 entries related to serial no 18 of schedule one.
The Finance Ministry had already revised rates of exchange for conversion of foreign currencies for import and export of commodities on June 2nd 2023. it 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.
It is said that turkey is continuing its long running battle to defend the lira.
As per the new amendment the exchange rate for one unit of Turkish lira shall be equivalent to Indian Rupees 3.85 on Imported Goods and Rs 3.60 on Export Goods.
CBIC had notified exchange rates for 20 currencies for the purpose of valuation of imported and exported goods and it had been decided on that notification to include Turkish Lira (TRY) in the list of such currencies. The CBIC had facilitated trade & business by easing the process of conversion of these currencies into INR and vice versa. The initiative also anticipated to help the exporters claim the benefits of Merchandise Export Incentive Scheme (MEIS) easily, as the rate of TKY will be readily available on the realization date of remittances
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