The Central Board of Indirect Taxes and Customs (CBIC) announced plans to introduce an automated system for publishing currency exchange rates starting July 4. This new online Exchange Rate Automation Module (ERAM) will replace the current manual notification process for exchange rates.

According to CBIC, ERAM marks a significant move towards enhancing trade facilitation. It will feature pre-publication of exchange rates for 22 currencies, aiming to simplify access for importers and exporters. These rates will be updated twice a month, specifically on the evening of the 1st and 3rd Thursdays, becoming effective from midnight the next day.

CBIC will provide a link on its website redirecting users to the ICEGATE platform where these rates can be viewed. The published rates will be archived on ICEGATE, facilitating historical rate checks.

This initiative underscores CBIC’s ongoing efforts to digitize Customs operations, promoting greater efficiency and transparency in customs processes.