Notification No. 24/2016, Dated 12th Feb 2016

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF EXCISE AND CUSTOMS)

Notification No. 24/2016 - Customs (N.T.)

Dated the 12^th February, 2016

23 Magha, 1937 (SAKA)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendment in the Notification of the Central Board of Excise and Customs No.18/2016-CUSTOMS (N.T.), dated 4^thFebruary, 2016, with effect from 13^th February, 2016, namely:-

In the SCHEDULE-II of the said Notification, for serial No.1 and the entries relating thereto, the following shall be substituted, namely

SCHEDULE-II

Sl. No.	Foreign Currency	Rate of exchange of 100 unit of foreign currency equivalent to Indian rupees
(1)	(2)	(3)
		(a)		(b)
		(For Imported Goods)	(For Export Goods)
1.	Japanese Yen	61.25	59.90

[F.No468/01/2016-Cus.V]

(Satyajit Mohanty)

Director (ICD)

TELE: 011-2309 3380

Frequently Asked Questions

What are Indian custom notifications, and why are they important?

Indian customs notifications are official announcements issued by the Central Board of Indirect Taxes and Customs (CBIC) to communicate updates in customs laws, duty rates, procedural changes, exemptions, and policy revisions.

They are important for importers, exporters, and logistics professionals to stay compliant with current regulations and avoid penalties or clearance delays.

How can Indian custom notifications impact my business?

Custom notifications can affect business operations by changing duty structures, documentation requirements, valuation norms, or trade facilitation guidelines.

Staying updated helps companies adjust their pricing, planning, and compliance practices. Ignoring these notifications may result in fines, incorrect duty payments, or disrupted customs clearance.

How often are Indian customs notifications released?

Indian custom notifications are released as and when regulatory changes, budget announcements, or policy amendments occur.

Notifications may be issued periodically or in response to urgent requirements, including tariff updates, procedure modifications, or global trade developments affecting import-export compliance.

Where can I find the latest Indian customs notifications?

The most authoritative source for the latest Indian customs notifications is the official CBIC website.

Additionally, Seair Exim Solutions curates these notifications and provides summaries and explanations within its trade intelligence platform to help users quickly understand key changes relevant to their business.

How should businesses respond to new Indian customs notifications?

When new custom notifications are released, businesses should assess the impact on duty rates, compliance requirements, and documentation processes.

Consulting with tax professionals or using trade intelligence tools as we do ensures accurate interpretation and timely implementation of changes in customs procedures.

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