Trade words

Customs exchange rate

The rupee rate CBIC fixes for each currency, usually twice a month. Customs uses the rate in force on the day your bill of entry or shipping bill is filed.

Set by CBIC

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Lessons that use this word

  1. Lesson 95 min readCustoms duty: BCD, SWS, IGST and AIDCThe duties on an import into India, the order they are worked out in, how exemptions and trade deals lower them, and which part you can claim back.
  2. Lesson 105 min readAssessable value, CIF and the customs exchange rateHow customs values an import: the transaction value, what is added to it, what happens when freight or insurance is unknown, and which exchange rate applies.
  3. Lesson 145 min readAnti-dumping, countervailing and safeguard dutiesThe three trade remedy duties, who investigates and who imposes them, and how to tell if one applies to the goods you import.
  4. Lesson 176 min readIncoterms 2020The 11 Incoterms rules: who pays for freight and insurance, where the risk passes, and how your choice changes the customs value.
  5. Lesson 245 min readReading one shipment recordWhat each field of an Indian customs shipment record tells you, and the traps in descriptions, units and values that mislead first-time readers.
  6. Lesson 255 min readCIF and FOB values, unit price and quantityWhy imports are valued CIF and exports FOB, how to work out a unit price, and how to compare prices fairly across shipments and units.
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Trade Academy is education, not legal, tax or customs advice. Rules and rates change by notification: check the live source, or ask a licensed customs broker, before you act.