Central Board of Indirect Taxes and Customs (CBIC) has decided to notify the Korean won (WON) and Turkish Lira (TRY) in the list of currencies for exchange rate.
About:
Legal backing: Under Section 14 of the Customs Act, 1962, the CBIC notifies the Rate of Exchange for the purpose of conversion of foreign exchange to Indian Rupees (INR) and vice versa for the purpose of valuation of imported and exported goods.
List of Currencies notified: Currently, CBIC has notified exchange rates for 20 currencies.
Recent Decision:
Now, it has decided to include 2 more currencies namely Korean Won (WON) & Turkish Lira (TRY) in the list of such currencies.
Notifying them will ease the process of conversion of these currencies into INR and vice versa. This is expected to decrease the transaction cost and enhance the ease of doing business, thereby, benefitting the Indian, Korean and Turkish businesses.
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