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Introduction: The Ministry of Finance, Government of India, through the Department of Revenue, has issued Notification No. 04/2024 – Customs (N.T.) on 18th January, 2024. This notification, exercising powers under section 14 of the Customs Act, 1962, supersedes the previous Notification No. 01/2024-Customs(N.T.) dated 4th January, 2024. The focus of this notification is on determining the exchange rates for foreign currencies concerning imported and export goods.
Detailed Analysis:
Schedule-I of the notification presents the rates of exchange for various foreign currencies concerning one unit of the currency equivalent to Indian rupees. These rates are crucial for assessing the value of imported and export goods. Notable currencies include the US Dollar, Euro, Pound Sterling, and others. For instance, the exchange rate for the US Dollar is mentioned as 84.10 for imported goods and 82.35 for export goods.
Schedule-II provides the rates of exchange for 100 units of foreign currency equivalent to Indian rupees. This section includes currencies such as the Japanese Yen and Korean Won. Understanding these rates is vital for businesses involved in international trade, as they impact the pricing and competitiveness of goods in the Indian market.
The notification emphasizes that these rates come into effect from 19th January, 2024. Businesses engaged in importing or exporting goods should take note of these updated exchange rates to ensure accurate valuation and compliance with customs regulations.
Conclusion: In conclusion, the Ministry of Finance’s recent notification, No. 04/2024 – Customs (N.T.), plays a crucial role in regulating the exchange rates for foreign currencies concerning imported and export goods. The detailed schedules provide specific rates for various currencies, enabling businesses to navigate international trade with precision. Staying informed about these changes is imperative for entities engaged in cross-border transactions, ensuring compliance and accurate financial transactions.
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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
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Notification No. 04/2024 – Customs (N.T.) | Dated: 18th January, 2024
28 Pausha 1945 (SAKA)
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No. 01/2024-Customs(N.T.), dated 4th January, 2024 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 19th January, 2024, 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 Export Goods) | ||
| 1. | Australian Dollar | 55.80 | 53.40 |
| 2. | Bahraini Dinar | 229.35 | 212.65 |
| 3. | Canadian Dollar | 62.70 | 60.70 |
| 4. | Chinese Yuan | 11.90 | 11.45 |
| 5. | Danish Kroner | 12.35 | 12.00 |
| 6. | EURO | 92.30 | 89.10 |
| 7. | Hong Kong Dollar | 10.80 | 10.50 |
| 8. | Kuwaiti Dinar | 279.15 | 261.8 |
| 9. | New Zealand Dollar | 52.15 | 49.80 |
| 10. | Norwegian Kroner | 8.05 | 7.80 |
| 11. | Pound Sterling | 107.35 | 103.85 |
| 12. | Qatari Riyal | 23.60 | 22.15 |
| 13. | Saudi Arabian Riyal | 22.90 | 21.50 |
| 14. | Singapore Dollar | 62.95 | 60.95 |
| 15. | South African Rand | 4.50 | 4.25 |
| 16. | Swedish Kroner | 8.10 | 7.85 |
| 17. | Swiss Franc | 98.20 | 94.50 |
| 18. | Turkish Lira | 2.85 | 2.70 |
| 19. | UAE Dirham | 23.35 | 22.00 |
| 20. | US Dollar | 84.10 | 82.35 |
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 Export Goods) | ||
| 1. | Japanese Yen | 57.10 | 55.35 |
| 2. | Korean Won | 6.40 | 6.00 |
[F. No. 468/01/2024-Cus.V]
(Megha Bansal)
Under Secretary to the Govt. of India
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