CBIC to Launch Automated Currency Exchange Rates System on 4th July

The Central Board of Indirect Taxes and Customs (CBIC) is set to launch the Exchange Rate Automation Module (ERAM) on July 4, automating the publication of exchange rates for 22 currencies. This system aims to replace the current manual notification process with online availability through the ICEGATE website. Exchange rates will be published twice a month on specified dates, becoming effective the next day at midnight. Historical rates will also be accessible for reference, enhancing trade facilitation and operational efficiency in customs processes. CBIC emphasizes ERAM as part of its digitalization efforts to streamline international trade operations and improve stakeholder engagement.