How customs exchange rate for foreign currency is fixed

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2012 Can someone explain the basis of exchange rate fixation by customs/Ministry of finance for imports and exports

Is it average of RBI rate ? if so do they take average for a week/ two weeks

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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13 October 2012 actually govt of india ministry of revenue issue the export-import exchange rate in every month In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs...