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Sunday, 9 June 2013

Rates of exchange applicable for calculation of gross value of taxable service notified 59/2013-Cus.,(N.T.), Dated: June 06, 2013


                         Applicable from          
June 07, 2013

Compliance of Section
Section 67A of the Finance Act, 1994
read with explanation to Section 14 of the Customs Act, 1962
What to do?
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.
How?
CBEC from time to time issues Notification to notify rate of exchange determined by it.
Please find enclosed herewith the Notification No. 59/2013 dated June 06, 2013 containing the Rates of Exchange applicable from June 07, 2013.
NOTIFICATION NO
59/2013-Cus.,(N.T.), Dated: June 06, 2013 
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.54/2013-CUSTOMS (N.T.), dated the 16thMay, 2013 videnumber S.O.1121(E), dated the 16 th May, 2013, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency orvice versa shall, with effect from 07 th June, 2013 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
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
55.00
53.65
2.
Bahrain Dinar
153.85
145.30
3.
Canadian Dollar
55.20
53.85
4.
Danish Kroner
10.05
9.75
5.
EURO
74.60
72.90
6.
Hong Kong Dollar
7.35
7.20
7.
Kenya Shilling
68.25
64.15
8.
Kuwait Dinar
203.20
191.80
9.
New Zealand Dollar
46.05
44.70
10.
Norwegian Kroner
9.85
9.55
11.
Pound Sterling
87.40
85.35
12.
Singapore Dollar
45.65
44.60
13.
South African Rand
5.95
5.55
14.
Saudi Arabian Riyal
15.45
14.60
15.
Swedish Kroner
8.70
8.45
16.
Swiss Franc
60.30
58.65
17.
UAE Dirham
15.80
14.90
18.
US Dollar
56.85
55.85
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
57.05
55.65
[F.No.468/03/2013-Cus.V]
(SATISH KUMAR REDDY)
DIRECTOR (ICD)