Finance Ministry Updates Foreign Currency Exchange Rate for Import and Export of Goods

By Navasree A.M - On November 20, 2023 6:02 pm - 2 mins read

Finance Ministry - Foreign Currency Exchange - Import and Export of Goods-TAXSCAN

The Central Board of Indirect Taxes and Customs (CBIC), vide notification no. 84/2023 – Customs (N.T.) issued on 16th November 22023 has updated the foreign currency exchange rate for the import and exchange of goods.

Under the authority granted by section 14 of the Customs Act, 1962, and replacing Notification No. 81/2023-Customs(N.T.), dated November 2, 2023, with effect from November 17, 2023, the Central Board of Indirect Taxes and Customs declares the exchange rates for foreign currencies listed in Schedule I and Schedule II.

These rates, specified in column (3) against each currency in the respective schedules, apply for the conversion into Indian currency or vice versa. This determination is applicable for the purposes of the said section, concerning the import and export of goods. The supersession does not affect actions taken or omitted before this change.

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	55.10	52.75
2	Bahraini Dinar	228.15	214.20
3	Canadian Dollar	61.75	59.70
4	Chinese Yuan	11.65	11.30
5	Danish Kroner	12.30	11.90
6	EURO	91.75	88.60
7	Hong Kong Dollar	10.85	10.50
8	Kuwaiti Dinar	278.20	261.60
9	New Zealand Dollar	51.15	48.85
10	Norwegian Kroner	7.80	7.55
11	Pound Sterling	104.80	101.40
12	Qatari Riyal	23.55	22.15
13	Saudi Arabian Riyal	22.90	21.50
14	Singapore Dollar	62.60	60.55
15	South African Rand	4.70	4.40
16	Swedish Kroner	8.00	7.75
17	Swiss Franc	95.50	91.85
18	Turkish Lira	3.00	2.80
19	UAE Dirham	23.35	22.00
20	US Dollar	84.10	82.35

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	55.90	54.15
2	Korean Won	6.60	6.20