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25 Nov 2013

Conversion Rate for Foreign Exchange w.e.f. 22nd November 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 22nd November, 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
59.20
57.80
2.
Bahrain Dinar
171.40
162.00
3.
Canadian Dollar
60.75
59.35
4.
Danish Kroner
11.50
11.15
5.
EURO
85.30
83.35
6.
Hong Kong Dollar
8.15
8.05
7.
Kuwait Dinar
228.65
215.40
8.
New Zealand Dollar
52.55
51.25
9.
Norwegian Kroner
10.40
10.10
10.
Pound Sterling
102.25
100.00
11.
Singapore Dollar
50.85
49.75
12.
South African Rand
6.40
6.00
13.
Saudi Arabian Riyal
17.25
16.30
14.
Swedish Kroner
9.55
9.30
15.
Swiss France
69.40
67.55
16.
UAE Dirham
17.60
16.65
17.
US Dollar
63.30
62.30
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
63.35
61.80
2.
Kenya Shilling
75.05
70.85