Customs Exchange Rate for

Only the Customs Exchange Rate notified by the Central Board of Indirect Taxes and Customs (CBIC) is legally valid for all customs-related transactions including customs duty calculation. RBI reference rates, bank remittance rates, interbank rates, or market exchange rates cannot be used for customs valuation under Section 14 of the Customs Act, 1962. The applicable CBIC-notified rate must be used while filing a Bill of Entry or Shipping Bill through ICEGATE.

No. The CBIC notifies separate Customs Exchange Rates for imports and exports for each currency. The import conversion rate and export conversion rate may differ due to banking spreads and valuation methodology. It is mandatory to apply the correct rate while filing Bills of Entry or Shipping Bills through ICEGATE, as using the wrong rate can lead to compliance issues.

The applicable Customs Exchange Rate is determined on the date of filing of the Bill of Entry for import transactions and on the date of filing of the Shipping Bill for export transactions. The exchange rate does not depend on the invoice date, shipment date, vessel arrival date, or remittance date. The rate in force on the date of document filing as per M S Mehta & Co’s CBIC-notified Customs Exchange Rate page, is the only legally applicable rate.

The CBIC-notified Customs Exchange Rate must be followed for all customs-related transactions under the Customs Act, 1962. This includes:

• Customs duty calculation for all imports
• Valuation of imported and exported goods
• Filing of all Bills of Entry & Shipping Bills
• IGST computation on imports
• Social Welfare Surcharge (SWS) calculation
• Provisional and final customs assessments
• Audit, reassessment, and investigation proceedings
• Refunds & claims arising from customs assessments
• Export incentive calculations such as Duty Drawback, RoDTEP, and RoSCTL
• Special Valuation Branch (SVB) proceedings
• Adjudication and appellate matters before Customs authorities, CESTAT, or courts
• Any statutory compliance or verification carried out by Customs under CBIC regulations

Under ICEGATE’s ERAM (Exchange Rate Automation Module), CBIC generally revises Customs Exchange Rate on the 1st and 3rd Thursday of every month. The revised rates typically become effective from the following Friday (00:00 hrs). However, in cases of extreme currency volatility, CBIC may issue intermediate notifications to revise the rate.

No. Customs officers are legally required to apply only the Customs Exchange Rates notified by the Central Board of Indirect Taxes and Customs (CBIC) under Section 14 of the Customs Act, 1962. RBI reference rates, interbank rates, or market exchange rates is not permitted and may result in assessment objections, reassessment, audit queries, or penalties.

M S Mehta & Co assists importers and exporters in the accurate application of CBIC-notified Customs Exchange Rate, proper valuation under Section 14 of the Customs Act, and full regulatory compliance. Our experience in customs clearance and documentation helps prevent short or excess payment of duty, audit objections, valuation disputes, and avoidable delays in assessment and clearance.

If you are looking for a reliable Customs Clearance Agent, M S Mehta & Co is the right choice. To learn more about our customs clearance and compliance services, please visit M S Mehta & Co , or feel free to WhatsApp Us or Call Us Directly .