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7 Mar 2014

Conversion Rate for Foreign Exchange (w.e.f. 7th March 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 mutandis in case of Services as well by virtue of Section 67A. For Rate of Exchange applicable from 7th March, 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
56.10
54.75
2.
Bahrain Dinar
167.85
158.65
3.
Canadian Dollar
56.35
55.10
4.
Danish Kroner
11.50
11.15
5.
EURO
85.40
83.45
6.
Hong Kong Dollar
8.00
7.85
7.
Kuwait Dinar
224.80
212.35
8.
New Zealand Dollar
52.55
51.10
9.
Norwegian Kroner
10.40
10.10
10.
Pound Sterling
103.85
101.75
11.
Singapore Dollar
49.10
47.95
12.
South African Rand
5.95
5.55
13.
Saudi Arabian Riyal
16.85
15.95
14.
Swedish Kroner
9.70
9.40
15.
Swiss France
70.05
68.35
16.
UAE Dirham
17.25
16.30
17.
US Dollar
62.00
61.00
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
60.65
59.20
2.
Kenya Shilling
73.15
69.00