POLICY CIRCULAR NO. 15/2002-2007, DT. 12/12/2002
- Document type
- Circular
- Reference no.
- F
- Dated
Exchange rate to be adopted for hard currencies not mentioned in the Department of Revenue Notification
Exchange rate to be adopted for hard currencies not mentioned in the Department of Revenue Notification
Some such examples are the New Zealand Dollar and the South African Rand both of which do not feature in the exchange rate notifications of the Department of Revenue . These are merely an illustrative list in the basket of hard currencies not covered by such notifications.
The matter was deliberated with the Directorate of Systems in the Central Board of Excise and Customs and it has been decided that in such cases the exchange rate certified by the authorised dealers (including banks) on the shipping bill(s)/ bill(s) of entry as applicable on the relevant date as prescribed in the Policy may be taken as the pertinent exchange rate. For example in the case of exports under DEPB, the exchange rate would be the rate certified by the authorised dealer on the date of let export order.
This issues with the approval of the Director General of Foreign Trade .
A.B. Menon
Deputy DGFT