CBIC issues circular for the rate of exchange of foriegn currency

Feb 19, 2021 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The Central Board of Indirect Taxes and Customs (CBIC) on February 18, 2021 released the Exchange Rate of foreign currency for valuation of goods for purposes of assessment under the Act. In international trade, the value of goods is determined by converting the foreign currency into INR using the customs exchange rate. This is the deemed value of goods on which a duty of customs will be chargeable.

Ø Australian Dollar

Ø Bahraini Dinar

Ø Canadian Dollar

Ø Chinese Yuan

Ø Danish Kroner

Ø EURO

Ø Hong Kong Dollar

Ø Kuwaiti Dinar

Ø New Zealand Dollar

Ø Norwegian Kroner

Ø Pound Sterling

Ø Qatari Riyal

Ø Saudi Arabian Riyal

Ø Singapore Dollar

Ø South African Rand

Ø Swedish Kroner

Ø Swiss Franc

Ø Turkish Lira

Ø UAE Dirham

Ø US Dollar

Ø Japanese Yen

Ø Korean Won

[Notification No. 18/2021 - Customs (N.T.)]

 


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