Exchange Rates Notified - At last
NORMALLY the exchange rates for imported goods and export goods are notified in the last week of the month and are applicable from the 1st of the following month. During the last week of May 2012, CBEC did not notify the exchange rates and frantic importers and exporters started calling us up and some of them were very angry with us for not publishing the notification. "Why didn't you publish the exchange notification?", asked an angry caller without any perfunctory courtesy. We had to patiently explain that we don't make the notifications - we only report them. There was no way we could report a notification that was yet to be issued by the CBEC!
"Are you sure they have not issued the notification?”, asked the Director of a top firm. We assured him that the notification was not issued. Then he said, “What I am worried about, is that they will issue the notification on 8 th June and put the date as 1st June and we will be stuck with the new rates retrospectively." We had to convince him that no such thing is going to happen.
Now the CBEC has issued the Notification determining the rates of exchange for imported goods and export goods with effect from 08.06.2012. So, there is no worry – the rates are effective prospectively. The Import Rate for a US Dollar is Rs. 55.55 and export rate is 54.70.
Notification No. Dated June 07 2012