CBIC to launch automated currency exchange rate publishing system on July 4

The Central Board of Indirect Taxes and Customs (CBIC) on Thursday said it will launch on July 4 the automated system of publishing currency exchange rates.

The online Exchange Rate Automation Module (ERAM) system will replace the existing manual process of notifying exchange rates through a notification.

"ERAM is a significant step towards trade facilitation as the exchange rates of 22 currencies would now be published online in advance for ease of consumption by all importers and exporters," the CBIC said in a statement.

These exchange rates would be made available on the ICEGATE website twice a month i.e. on the evening of the 1st and 3rd Thursdays of the month and would be effective from midnight of the following day.

A link shall be provided on the CBIC website which will take the user to the ICEGATE website, where the published rates can be viewed. The published exchange rates will be stored in the system and will remain accessible on ICEGATE for future reference, so as to enable a user to check the rates for a previous day.

CBIC has been consistently making strides in enhanced digitalisation of Customs processes and the launch of ERAM is a step in this direction, it added.