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 16^th 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.