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2 Aug 2013

Conversion Rate for Foreign Exchange (w.e.f. 2nd August 2013

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 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 mutandis in case of Services as well by virtue of Section 67A. For Rate of Exchange applicable from 2nd August, 2013 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
55.85
54.35
2.
Bahrain Dinar
166.65
157.45
3.
Canadian Dollar
60.05
58.50
4.
Danish Kroner
11.00
10.70
5.
EURO
81.85
79.95
6.
Hong Kong Dollar
7.95
7.80
7.
Kenya Shilling
72.20
67.85
8.
Kuwait Dinar
221.50
208.15
9.
New Zealand Dollar
49.40
48.00
10.
Norwegian Kroner
10.45
10.15
11.
Pound Sterling
94.05
91.90
12.
Singapore Dollar
48.45
47.40
13.
South African Rand
6.40
6.05
14.
Saudi Arabian Riyal
16.75
15.85
15.
Swedish Kroner
9.45
9.20
16.
Swiss Franc
66.55
64.75
17.
UAE Dirham
17.10
16.15
18.
US Dollar
61.55
60.55
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
63.00
61.50