Question- According to recent notification by Central Board of Indirect Taxes and Customs (CBIC) for exchange rate of Foreign Currency in Indian Rupee, which foreign currency has maximum value in Indian rupee for imported goods?
(a)Bahrain Dinar
(b) Pound Sterling
(c)Qatari Riyal
(d) Kuwait Dinar
Answer-d
Related Facts-
- According to PIB press release posted on 21 June 2018, Central Board of Indirect Taxes and Customs (CBIC) determined the rate of exchange of conversion of each of the foreign currencies.
- Kuwait Dinar has maximum conversion rate for imported goods which is 233.05 rupee for single unit of Kuwait Dinar.
- Exchange rate for conversion of the foreign currencies specified in two schedules, schedule-I is for single unit conversion rate and schedule-II is for 100 unit conversion rate.
- From 22 June 2018 mentioned rate will be used relating to imported and export goods.
- CBIC is the nodal National agency responsible for administering Custom, GST, Central Excise, Service Tax and Narcotics. It comes under the ambit of Ministry of Finance.
Reference:
http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1535895
https://en.wikipedia.org/wiki/Central_Board_of_Excise_and_Customs