CBIC Notifies the Foreign Exchange Rate for Imported and Exported Goods

On 05th January 2023, the Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 02/2023 – Customs (N.T.) through the exercise of Powers as conferred under Section 14 of the Customs Act, 1962 (52 of 1962) in supersession of the Notification No. 109/2022 – Customs(N.T.), issued on 15th December 2022, except as respects things done or omitted to be done before such supersession, the CBIC hereby determines that the Rate of Exchange for conversion of each of the foreign currencies specified in column (2) of each Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 6th January 2023, 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.