Conversion Rate for Foreign Exchange (w.e.f. 17th September 2013)

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 mutandis in case of Services as well by virtue of Section 67A. For Rate of Exchange applicable from 17^th September, 2013 please refer 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	61.60	59.80
2.	Bahrain Dinar	170.95	161.65
3.	Canadian Dollar	64.10	62.30
4.	Danish Kroner	11.90	11.50
5.	EURO	88.60	86.05
6.	Hong Kong Dollar	8.15	8.00
7.	Kenya Shilling	73.60	69.50
8.	Kuwait Dinar	227.20	214.00
9.	New Zealand Dollar	53.10	51.45
10.	Norwegian Kroner	11.10	10.70
11.	Pound Sterling	104.80	102.10
12.	Singapore Dollar	52.65	51.10
13.	South African Rand	6.65	6.25
14.	Saudi Arabian Riyal	17.20	16.25
15.	Swedish Kroner	10.20	9.85
16.	Swiss France	71.65	69.55
17.	UAE Dirham	17.55	16.60
18.	US Dollar	63.15	62.15

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	67.35	65.35