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TMI BlogLaunch of Exchange Rate Automation Module (ERAM) - RegX X X X Extracts X X X X X X X X Extracts X X X X ..... in ICEGATE Portal to automate the process of publishing exchange rates. 2. In terms of Section 14 of the Customs Act 1962, the value of any imported goods or export goods shall be calculated with reference to the rate of exchange as in force on the date on which a Bill of Entry is presented under Section 46, or a Shipping Bill/Bill of Export is presented under Section 50. For this purpose, Board currently notifies exchange rates of 22 currencies twice a month, i.e. every 1st and 3rd Thursdays. These notified exchange rates become effective from midnight of the following day. Where a due date, i.e. 1st or 3rd Thursday, falls on a holiday, the rates are notified on the previous working day. 3. Further, on a given day, if it is noticed that ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tance, exchange rates published on the evening of 11th July 2024 shall come into force from 00:00 hrs of 12th July 2024 and shall remain in force till the next revision. 8. The published exchange rates will be stored and shall remain accessible on ICEGATE for future reference, so as to enable a user to check the exchange rates for a previous date. 9. As a contingency plan for catering to any technical snag, the following procedure shall be followed for ensuring uninterrupted accessibility of exchange rates at any given time : i. Nodal Officers have been appointed in the SBI, Board, ICD (Patparganj), Air Cargo Complex (Bengaluru) and DG (Systems) to monitor and manually intervene, where needed. ii. Nodal Officer at ICD (Patparganj) shall con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i.e., 4 th July 2024, upon which the existing system of notifying exchange rates through a notification has been dispensed with. A link has also been provided on the CBIC website which will take the user to the ICEGATE website, where the published rates will be available for viewing. 11. The exchange rates published in the ICEGATE website can be accessed by clicking here. It is advised to refer to the User Manual on ERAM (enclosed as Annexure) for further details. 12. For clarifications, if any, w.r.t this Public Notice, can be sought from the Additional Commissioner of Customs (EDI), General Commissionerate, Chennai by Email ID: [email protected] or [email protected]. GEN/EDI/ADV/1/2024-EDI-O/o-Comm-Cus-Gen-Chennai I/21 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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