MoF Releases New Foreign Exchange Rate for Imported and Exported Goods

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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

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