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