Customs - New Exchange Rates from Today - But Board Bungles on Date
CBEC has notified new exchange rates for Imported Goods and for Export Goods with effect from 19th June 2015. The US Dollar is at 64.55 rupees for imports and 63.50 rupees for exports.
The earlier notification No. 52/2015 is rescinded. But the Board has bungled here. The Board Notification says, "in super session of the notification of the Central Board of Excise & Customs No.52/2015-CUSTOMS (N.T.), dated 18th June, 2015,..."
Notification No. 52/2015 was dated 4th June and not 18 th June. In fact 18th June was yesterday when the new notification was issued.
Technically what happens now is that Notification No. 52/2015 is not superseded as it is not dated 18th June and so is still valid. So, from today there are two prevailing exchange rates and the importer/exporter can choose one of them!
We know the Board gets very angry when we point out such silly mistakes, but the point we humbly submit to the Board is law making deserves more attention.
Notification No., Dated: June 18, 2015