Today's Edition
NEW DELHI (WAM)
India is scrapping its manual system for ascertaining and publishing the exchange rate of the Indian rupee and launching a digital platform to streamline trade, the Central Board of Indirect Taxes and Customs (CBIC) said on Thursday.
In a statement, the CBIS said the new Exchange Rate Automation Module (ERAM), effective July 4, will replace the existing manual process.
“ERAM is a significant step towards trade facilitation as the exchange rates of 22 currencies against the Indian rupee would now be published online in advance for ease of use by all importers and exporters,” it said.
The Indian rupee is fully convertible only in the “current” account. That means the domestic currency can be converted into foreign currency and vice versa only for trade in goods and invisibles such as services, transfers or income from investment.
With the launch of ERAM, exchange rates will be available on the Indian Customs gateway website—known as ICEGATE—twice a month, on the evenings of the 1st and 3rd Thursdays, effective from midnight of the following day.
The announcement added, “CBIC has been consistently making strides in enhanced digitalisation of Customs processes in India and the launch of ERAM is a step in this direction.”
