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TMI BlogLaunch of Exchange Rate Automation Module (ERAM) -reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... Date : 27/06/2024 PUBLIC NOTICE No. 08 / 2024 Subject : Launch of Exchange Rate Automation Module (ERAM) -reg. Kind attention of the Importers, Exporters, Custom Brokers and other stakeholders is invited to Circular No. 07/2024-Customs dated 25th June, 2024 issued by CBIC, New Delhi, on the above subject. 2. In terms of section l4 of the Customs Act, the value of any imported goods or export g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ased on the rates obtained from the State Bank of India (SBI) on a daily basis. The SBI communicates 'card rates' which include 'Bill rates', 'TT rates' and 'TC rates 'to CBIC every day. While the Bill rates are used in transactions related to Letters of Credit, the TT rates are used in telegraphic transfers and TC rates for travelers' cheques. The rates notified by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on ICEGATE website i.e. https://www.icegate.gov.in. 5. These rates, so published online, shall come into effect from midnight of the following day. For instance, exchange rates published on the evening of 11thJuly 2024 shall come into force from 00:00 hrs of 12th July 2024 and shall remain in force till the next revision. 6. The published exchange rates will be stored and shall remain accessible ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a failure in electronic transmission from SBI or an incomplete message is received, the last updated rates shall remain in force for the following day and the rates shall be revised the following day by 6:00 p.m. to apply from 00:00 hrs of the next day. (iv) Where, on a due date when the rates are to be published, the exchange rates received from SBI fail to get integrated on ICES by 6:00 p.m., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m 1st Thursday of July 2024 i.e. 4th July 2024 upon which the existing system of notifying exchange rates through a notification would be dispensed with. A link shall be provided on the CBIC website which will take the user to the ICEGATE website, where the published rates will be available for viewing. 9. This Public Notice shall be considered as Standing Order for the officers and staff of Mang ..... X X X X Extracts X X X X X X X X Extracts X X X X
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