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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 ..... th the launch of the Exchange Rate Automation Module (ERAM) by the Central Board of Indirect Taxes and Customs (CBIC). ERAM automates the process of ascertaining and 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 (listed at Annexure) 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsite i.e. https://www.icegate.gov.in. 7. These rates, so published online, shall come into effect from midnight of the following day. For instance, exchange rates published on the evening of 11 th 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), A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arganj). 10. The automated system of ascertaining and publishing of exchange rates, as above, came into effect from 1st Thursday of July 2024, i.e., 4th July, 2024, upon which the existing system of notifying exchange rates through a notification has dispensed with. A link will be provided on the CBIC website which will take the user to the ICEGATE website, where the published rates will be available for viewing. Difficulties faced, if any, in the implementation of the above Public Notice may be brought to the notice of the Additional Commissioner of Customs (EDI), Air Cargo Commissionerate, Chennai for necessary action. Manayathara Mathew Jolly Principal Commissioner of Customs Chennai-VII Commissionerate Air Cargo Complex, Chennai Annexur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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