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19 Sep 2013

Conversion Rate for Foreign Exchange (w.e.f. 17th September 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 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 mutandis in case of Services as well by virtue of Section 67A. For Rate of Exchange applicable from 17th September, 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
61.60
59.80
2.
Bahrain Dinar
170.95
161.65
3.
Canadian Dollar
64.10
62.30
4.
Danish Kroner
11.90
11.50
5.
EURO
88.60
86.05
6.
Hong Kong Dollar
8.15
8.00
7.
Kenya Shilling
73.60
69.50
8.
Kuwait Dinar
227.20
214.00
9.
New Zealand Dollar
53.10
51.45
10.
Norwegian Kroner
11.10
10.70
11.
Pound Sterling
104.80
102.10
12.
Singapore Dollar
52.65
51.10
13.
South African Rand
6.65
6.25
14.
Saudi Arabian Riyal
17.20
16.25
15.
Swedish Kroner
10.20
9.85
16.
Swiss France
71.65
69.55
17.
UAE Dirham
17.55
16.60
18.
US Dollar
63.15
62.15
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
67.35
65.35