Finance Ministry updates Foreign Exchange Rates for Import and Export: Check new Rates [Read Notification]
Kuwaiti Dinar tops the exchange rate followed by Bahraini Dinar
Finance Ministry – Foreign Exchange Rates – Import – Export – Check new Rates – taxscan
Finance Ministry – Foreign Exchange Rates – Import – Export – Check new Rates – taxscan
The Central Board of Indirect Taxes and Customs ( CBIC ), vide notification no. 27/2024 - Customs (N.T.) issued on 4th April 2024 has updated the foreign currency exchange rate for the import and exchange of goods with effect from 4th April 2024.
Under the authority granted by section 14 of the Customs Act, 1962, and replacing Notification No. 24/2024-Customs(N.T.), dated 27th March, 2024, the Central Board of Indirect Taxes and Customs declared 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 | 56.10 | 53.70 |
| 2 | Bahraini Dinar | 230.05 | 213.30 |
| 3 | Canadian Dollar | 62.75 | 60.75 |
| 4 | Chinese Yuan | 11.75 | 11.35 |
| 5 | Danish Kroner | 12.30 | 11.95 |
| 6 | EURO | 92.05 | 88.95 |
| 7 | Hong Kong Dollar | 10.80 | 10.50 |
| 8 | Kuwaiti Dinar | 280.2 | 262.80 |
| 9 | New Zealand Dollar | 51.45 | 49.10 |
| 10 | Norwegian Kroner | 7.90 | 7.70 |
| 11 | Pound Sterling | 107.35 | 103.90 |
| 12 | Qatari Riyal | 23.50 | 22.05 |
| 13 | Saudi Arabian Riyal | 23.65 | 22.25 |
| 14 | Singapore Dollar | 62.90 | 60.95 |
| 15 | South African Rand | 4.60 | 4.35 |
| 16 | Swedish Kroner | 7.95 | 7.75 |
| 17 | Swiss Franc | 94.15 | 90.70 |
| 18 | Turkish Lira | 2.70 | 2.55 |
| 19 | UAE Dirham | 23.45 | 22.05 |
| 20 | US Dollar | 84.35 | 82.60 |
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 | 55.85 | 54.20 |
| 2 | Korean Won | 6.40 | 6.00 |
To Read the full text of the Notification CLICK HERE
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