| Date: |
12-12-2002
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| Notification No: |
DGFT Policy Circular No 15/2002
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| Issuing Authority: |
DGFT
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| Type: |
Circular
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| File No: |
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| Subject: |
Exchange Rate to be Adopted for Hard Currencies not mentioned in the Department of Revenue Notification
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Exchange Rate to be Adopted for Hard Currencies not mentioned in the
Department of Revenue Notification
Policy
Circular No. 15 dated 12th December 2002
This
office is in receipt of requests from the regional offices on the exchange rate
to be adopted for exports/ imports where the realisation/ remittance is in a
hard currency not mentioned in the notification of the Department of Revenue.
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.
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