CBIC notifies exchange rates for conversion!
Central Board of Indirect Taxes and Custom notifies the exchange rates for conversion. Have a look at the notification:
GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No.90/2018 – Customs (N.T.)
New Delhi, dated the 1st November, 2018
10 Kartika 1940 (SAKA)
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.87/2018-CUSTOMS (N.T.), dated 18th October, 2018 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 2nd November, 2018, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
SCHEDULE-I
| Sl.No. | Foreign Currency | Rate of exchange of one unit of foreign currency equivalent to Indian rupees | |
| (1) | (2) | (3) | |
| (a) | (b) | ||
| (For Imported
Goods) |
(For Exported
Goods) |
||
| 1. | Australian Dollar | 53.80 | 51.45 |
| 2. | Bahraini Dinar | 202.20 | 189.80 |
| 3. | Canadian Dollar | 57.25 | 55.20 |
| 4. | Chinese Yuan | 10.75 | 10.45 |
| 5. | Danish Kroner | 11.45 | 11.05 |
| 6. | EURO | 85.35 | 82.30 |
| 7. | Hong Kong Dollar | 9.60 | 9.25 |
| 8. | Kuwaiti Dinar | 251.05 | 235.30 |
| 9. | New Zealand Dollar | 49.85 | 47.45 |
| 10. | Norwegian Kroner | 8.95 | 8.60 |
| 11. | Pound Sterling | 96.55 | 93.25 |
| 12. | Qatari Riyal | 20.95 | 19.65 |
| 13. | Saudi Arabian Riyal | 20.30 | 19.10 |
| 14. | Singapore Dollar | 54.35 | 52.50 |
| 15. | South African Rand | 5. 20 | 4.85 |
| 16. | Swedish Kroner | 8.20 | 7.95 |
| 17. | Swiss Franc | 74.70 | 71.90 |
| 18. | UAE Dirham | 20.75 | 19.50 |
| 19. | US Dollar | 74.70 | 73.00 |
SCHEDULE-II
| Sl.No. | Foreign Currency | Rate of exchange of 100 units of foreign
currency equivalent to Indian rupees |
|
| (1) | (2) | (3) | |
| (a) | (b) | ||
| (For Imported
Goods) |
(For Exported
Goods) |
||
| 1. | Japanese Yen | 66.65 | 64.25 |
