India Issues New Exchange Rates for Imports/Exports Under Customs Act 1962, Effective March 21, 2019.

The Government of India, through the Central Board of Indirect Taxes and Customs, issued Notification No. 24/2019 on March 20, 2019, under the Customs Act, 1962. This notification supersedes the previous Notification No. 21/2019, establishing new exchange rates for converting specified foreign currencies into Indian Rupees for import and export purposes, effective from March 21, 2019. The exchange rates are detailed in two schedules: Schedule I lists rates for individual foreign currencies, while Schedule II provides rates for 100 units of certain currencies like the Japanese Yen and Korean Won.

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