Categories: Economy

CBIC likely to introduce new system of publishing daily currency exchange rates

The Central Board of Indirect Taxes and Customs (CBIC) is reportedly set to replace the existing fortnightly notification system for currency exchange rates with a daily publishing system on the integrated customs portal. The move is expected to capture daily fluctuations in exchange rates, enabling importers and exporters to calculate customs duties with greater precision.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Significance of this new system of publishing daily currency exchange rates :

The current system requires the CBIC to manually notify exchange rates of 22 currencies every fortnight, based on rates from the State Bank of India. The exchange rate data will now be automatically forwarded by SBI to ICEGATE, adjusted to the nearest five paise, and integrated with the Indian Customs EDI System before being published on the ICEGATE portal by 6:00 pm each day.

This new daily publishing system is expected to provide greater accuracy, time efficiency, and a contingency plan in case of technical snags. Experts believe the change will help prevent incorrect customs duties calculations, while giving importers and exporters a more informed understanding of their transactions.

You may also read this:

Retail inflation moderates to 5.66% in March from 6.44% in February

Find More News on Economy Here

BSE Receives SEBI's Final Approval to Launch EGR on its Platform_80.1BSE Receives SEBI's Final Approval to Launch EGR on its Platform_80.1

 

Piyush Shukla

Recent Posts

Kohli Creates History, Achieves 9000 T20 Runs for RCB

Virat Kohli, the star player of Royal Challengers Bengaluru (RCB), has made history in T20…

17 hours ago

‘Viksit Krishi Sankalp Abhiyan’ Launched at OUAT, Bhubaneswar

Union Agriculture Minister Shivraj Singh Chouhan launched the ''Viksit Krishi Sankalp Abhiyan (VKSA)' on Thursday.…

18 hours ago

Purple Cap 2025: Best Bowlers of the Season

As the Indian Premier League (IPL) 2025 wraps up yet another thrilling season, bowlers once…

18 hours ago

Orange Cap 2025: Current Leader and Contenders

The Indian Premier League (IPL) 2025 season delivered a spectacular display of batting prowess, with…

18 hours ago

Global Temperature Likely to Breach 1.5°C in Next Five Years

The World Meteorological Organization (WMO) has raised a serious warning about climate change. According to…

18 hours ago

India-Mongolia Joint Military Exercise NOMADIC ELEPHANT 2025 Begins in Ulaanbaatar

The Indian Army contingent has officially departed to participate in the 17th edition of the…

19 hours ago