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Govt to Automate Customs Exchange Rate Issuance Process w.e.f. 4th July 2024 Know Complete Details Here
BankingCorporate ComplianceExcise, VAT & CustomFinancial ManagementInternational Taxation
The government will automate exchange rate notifications for imports and exports starting July 4, 2024. Circular No. 07/2024, issued by the CBIC on June 25, 2024, outlines this change. Under Section 14 of the Customs Act, the value of goods is calculated using the exchange rate on the date a bill of entry or shipping bill is presented. Currently, exchange rates for 22 currencies are notified twice a month, with manual updates in the Indian Customs EDI System. \r
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Automation will see SBI forwarding exchange rate data to ICEGATE, adjusting rates, and publishing them on the ICEGATE website at 6:00 p.m., effective from midnight. This process aims to improve efficiency and accuracy. Nodal Officers will oversee the transition, ensuring continuity if electronic transmission issues arise. The automated system is expected to modernize customs operations and ease business processes.
