CBIC may soon introduce system to publish exchange rates of 22 currencies

The CBIC is likely to soon introduce a system of publishing daily currency exchange rates on the integrated customs portal, replacing the existing system of notifying rates fortnightly.

The move would help capture daily exchange rate fluctuations and help importers and exporters to precisely calculate customs duties based on daily exchange rate.

Currently, Central Board of Indirect Taxes and Customs (CBIC) manually notifies exchange rates of 22 currencies every fortnight -- 1st and 3rd Thursday of a month -- based of rates obtained from the State Bank of India (SBI). The rate notified comes into effect from midnight of the following day.

An official said the entire process would be automated, beginning with forwarding of exchange rate data by SBI to ICEGATE.

The exchange rates received from SBI every day shall be adjusted to the nearest five paise and integrated with Indian Customs EDI System (ICES) and published on Indian Customs National Trade Portal (ICEGATE) by 6:00 pm.

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