Conversion Rate for Foreign Exchange (w.e.f. 7th March 2014)

As per Section 67A of the Finance Act, 1994 read with explanation to Section 14 of the Customs Act, 1962, rate of exchange for calculation of gross value of taxable service tax would be the rate, as determined by CBEC for the conversion of foreign currency into Indian currency or vice versa, applicable on the date on which taxable service has been provided or agreed to be provided. CBEC from time to time issues Notification to notify rate of exchange determined by it. Though Notifications issued under Customs use the words “For Imported Goods” or “Exported Goods” but these rates apply mutatis mutandis in case of Services as well by virtue of Section 67A. For Rate of Exchange applicable from 7th March, 2014 please refer Annexure-A.   Annexure-A SCHEDULE-I   S. No. Foreign Currency Rate of exchange of one unit of foreign currency equivalent to Indian rupees (1) (2) (3)     (a) (b)     (For Imported Goods) (For Export Goods) 1. Australian Dollar 56.10 54.75 2. Bahrain Dinar 167.85 158.65 3. Canadian Dollar 56.35 55.10 4. Danish Kroner 11.50 11.15 5. EURO 85.40 83.45 6. Hong Kong Dollar 8.00 7.85 7. Kuwait Dinar 224.80 212.35 8. New Zealand Dollar 52.55 51.10 9. Norwegian Kroner 10.40 10.10 10. Pound Sterling 103.85 101.75 11. Singapore Dollar 49.10 47.95 12. South African Rand 5.95 5.55 13. Saudi Arabian Riyal 16.85 15.95 14. Swedish Kroner 9.70 9.40 15. Swiss France 70.05 68.35 16. UAE Dirham 17.25 16.30 17. US Dollar 62.00 61.00   SCHEDULE-II S. No. Foreign Currency Rate of exchange of 100 units of foreign currency equivalent to Indian rupees (1) (2) (3)     (a) (b)     (For Imported Goods) (For Export Goods) 1. Japanese Yen 60.65 59.20 2. Kenya Shilling 73.15 69.00