19/05/2014

Conversion Rate for Foreign Exchange (w.e.f. 16th May 2014)

Conversion Rate for Foreign Exchange (w.e.f. 16th May 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 mutandisin case of Services as well by virtue of Section 67A. For Rate of Exchange applicable from 16th May, 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
56.50
55.10
2.
Bahrain Dinar
162.70
153.70
3.
Canadian Dollar
55.55
54.10
4.
Danish Kroner
11.15
10.80
5.
EURO
82.80
80.85
6.
Hong Kong Dollar
7.75
7.60
7.
Kuwait Dinar
217.90
205.45
8.
New Zealand Dollar
52.30
51.00
9.
Norwegian Kroner
10.20
9.90
10.
Pound Sterling
101.15
98.85
11.
Singapore Dollar
48.20
47.10
12.
South African Rand
6.00
5.60
13.
Saudi Arabian Riyal
16.35
15.45
14.
Swedish Kroner
9.25
8.95
15.
Swiss France
67.90
66.25
16.
UAE Dirham
16.70
15.80
17.
US Dollar
60.10
59.10

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
59.25
57.80
2.
Kenya Shilling
70.35
66.30

Hope the information will assist you in your Professional endeavors.

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