India to Launch Automated System for Currency Exchange Rates on July 4
The Central Board of Indirect Taxes and Customs (CBIC) in India is set to introduce an automated system for publishing currency exchange rates. This new system, known as the Exchange Rate Automation Module (ERAM), will be launched on July 4. The ERAM aims to simplify the process of calculating the value of imported and exported goods by automating the exchange rate calculations as per Section 14 of the Customs Act.
The ERAM will replace the current manual process of notifying exchange rates through notifications. According to the Ministry of Finance, this system will facilitate trade by providing exchange rates for 22 currencies online in advance, making it easier for importers and exporters to access this information.
The exchange rates will be available on the ICEGATE website twice a month, specifically on the evening of the 1st and 3rd Thursdays, and will be effective from midnight of the following day. The CBIC website will also have a link directing users to the ICEGATE website for viewing the published rates.
The automated system will gather, process, and disseminate real-time or near-real-time exchange rate information from various financial markets and trading platforms, including forex brokers, banks, and global financial news services. This will ensure timely and reliable exchange rate information, crucial for financial decision-making in trading, investment, and international business transactions.
The currencies covered under the new system include the Australian Dollar, Qatari Riyal, Bahraini Dinar, Saudi Arabian Riyal, Canadian Dollar, Singapore Dollar, Chinese Yuan, South African Rand, Danish Kroner, Swedish Kroner, EURO, Swiss Franc, Hong Kong Dollar, Turkish Lira, Kuwaiti Dinar, UAE Dirham, New Zealand Dollar, US Dollar, Norwegian Kroner, Japanese Yen, Pound Sterling, and Korean Won.
