Conversion Rate for Foreign Exchange (w.e.f. 16th May 2014)

Published On - May 19, 2014

admin Customs Act, 1962, Finance Act

Conversion Rate for Foreign Exchange (w.e.f. 16th May 2014)

As per Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962, rate of exchange for calculation of gross value of taxable service tax would be the rate, as determined by CBEC for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. CBEC from time to time issues Notification to notify rate of exchange determined by it. Though Notifications issued under Customs use the words “For Imported Goods” or “Exported Goods” but these rates apply mutatis mutandisin case of Services as well by virtue of Section 67A. For Rate of Exchange applicable from 16th May, 2014 please refer Annexure-A.

Annexure-A

SCHEDULE-I

S. No. Foreign Currency Rate of exchange of one unit of foreign currency equivalent to Indian rupees
(1) (2) (3)
(a) (b)
(For Imported Goods) (For Export Goods)
1. Australian Dollar 56.50 55.10
2. Bahrain Dinar 162.70 153.70
3. Canadian Dollar 55.55 54.10
4. Danish Kroner 11.15 10.80
5. EURO 82.80 80.85
6. Hong Kong Dollar 7.75 7.60
7. Kuwait Dinar 217.90 205.45
8. New Zealand Dollar 52.30 51.00
9. Norwegian Kroner 10.20 9.90
10. Pound Sterling 101.15 98.85
11. Singapore Dollar 48.20 47.10
12. South African Rand 6.00 5.60
13. Saudi Arabian Riyal 16.35 15.45
14. Swedish Kroner 9.25 8.95
15. Swiss France 67.90 66.25
16. UAE Dirham 16.70 15.80
17. US Dollar 60.10 59.10

SCHEDULE-II

S. No. Foreign Currency Rate of exchange of 100 units of foreign currency equivalent to Indian rupees
(1) (2) (3)
(a) (b)
(For Imported Goods) (For Export Goods)
1. Japanese Yen 59.25 57.80
2. Kenya Shilling 70.35 66.30