MoF Releases New Foreign Exchange Rate for Imported and Exported Goods

Posted by Reading Time: 2 minutes

India’s Ministry of Finance (MoF) has released new guidelines regarding the rate of foreign exchange for calculating customs duties on goods being imported and exported from the country.

Under section 14 of the Customs Act, 1962 (52 of 1962), Notification No. 47/2014-Customs (N.T.) (dated June 5, 2014) is effective from June 20, 2014 and specifies the rate of exchange for foreign currencies specified in Schedules I and II as follows:

schedule 1 currency rates

schedule 2 currency rates

Asia Briefing Ltd. is a subsidiary of Dezan Shira & Associates. Dezan Shira is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in China, Hong Kong, India, Vietnam, Singapore and the rest of ASEAN. For further information, please email or visit

Stay up to date with the latest business and investment trends in Asia by subscribing to our complimentary update service featuring news, commentary and regulatory insight.

Related Reading

Establishing a Business in India
In this magazine, we discuss establishment structures in India, including liaison offices, project offices, branch offices, and wholly owned subsidiaries. We overview each structure in terms of the situations in which it is appropriate, its permissible activities and limitations, as well as its setup and winding up processes, complete with flow charts.

Doing Business in India
Our 156-page business guide to India, the second fastest growing economy in the world, provides a thorough and in-depth analysis of India, its history, key demographics and overviews of the states and union territories highlighting business opportunities and infrastructure in place in each region. A comprehensive guide to investing in India is also included with information on FDI trends, business establishment procedures, economic zone information, labor and tax considerations, as well as an analysis of Indian business etiquette and culture.

India Extends Excise Duty Cuts on Vehicles and Capital Goods 

Key Aspects of India’s Corporate Social Responsibility Mandate Clarified

PAN Requirements for Foreign Nationals during Company Incorporation