Latest News | CBIC to Launch Automated System of Publishing Currency Exchange Rates on July 4
Get latest articles and stories on Latest News at LatestLY. 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.
New Delhi, Jun 27 (PTI) 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.
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"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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)