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CBIC notifes Korean Won, Turkish Lira in List of Currencies for Exchange Rate

CBIC notifes Korean Won, Turkish Lira in List of Currencies for Exchange Rate

The Central Board of Indirect Taxes and Customs (CBIC) on 12 Dec included two currencies — Korean Won and Turkish Lira in the list of currencies for which it notifies the exchange rate for assessing the value of imports and exports.

Currently, the CBIC notifies exchange rates for 20 currencies for the purpose of valuation of imported and exported goods and now with the inclusion of Lira and Won, the total number is now 22.

Custom Act 1962

Under Section 14 of the Customs Act, 1962, the CBIC notifies the Rate of Exchange for the purpose of conversion of foreign exchange to Indian Rupees (INR) and vice versa for assessment of imports and exports.

Why Korean Won was included?

Bilateral trade between India-South Korea grew to $16.36 billion during 2017-18 from $12.59 billion in 2016-17. South Korea is ranked 8th amongst India’s trade partners in terms of imports last fiscal.

Also, the Comprehensive Economic Partnership Agreement (CEPA) with South Korea is likely to increase the trade flow between the two countries.

Why Turkey Lira was included?

Bilateral trade between India and Turkey stood at $7.2 billion during 2017-18.

More than 150 companies with Indian capital have registered businesses in Turkey in the form of joint-ventures.

How it will be helpful for India?

Notifying Korean Won and Turkish Lira by the CBIC will facilitate trade and business by easing the process of conversion of these currencies into INR and vice versa.

The initiative is also anticipated to help exporters claim the benefits of Merchandise Export Incentive Scheme easily, as the rates of Lira and Won will be readily available on the realization date of remittances.

Overall, it is expected to decrease the transaction cost and enhance the ease of doing business, thereby, benefiting the Indian, Korean and Turkish businesses.

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