Government Sets Exchange Rates for Imports/Exports Under Customs Act Effective July 20, 2012; Includes USD, Euro, Yen.

The notification issued by the Government of India, Ministry of Finance, Department of Revenue, Central Board of Excise and Customs, determines the exchange rates for foreign currencies against the Indian Rupee effective from July 20, 2012. The rates apply to imported and export goods under the Customs Act, 1962. Schedule I lists rates for various currencies such as the US Dollar, Euro, and Pound Sterling, among others, for both import and export purposes. Schedule II specifies the rate for 100 units of Japanese Yen. Corrections were made to the rates for the Kenya Shilling in a subsequent corrigendum.

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