CBIC Launches Automated Exchange Rate System

The Central Board of Indirect Taxes and Customs (CBIC) will launch an automated system for publishing currency exchange rates on July 4. This digital initiative, known as the Exchange Rate Automation Module (ERAM), aims to simplify the process for importers and exporters by providing rates online bi-monthly.

The Central Board of Indirect Taxes and Customs (CBIC) announced on Thursday that it will launch an automated currency exchange rate publication system on July 4.

The new system, called the Exchange Rate Automation Module (ERAM), is set to replace the current manual process, marking a significant stride towards trade facilitation. The system will provide exchange rates for 22 currencies online, streamlining the process for importers and exporters.

According to a statement from the CBIC, the exchange rates will be made available on the ICEGATE website twice a month, on the evening of the 1st and 3rd Thursdays, and will be effective from midnight the following day. Users will also be able to view historical rates via a link on the CBIC website.

This initiative is part of CBIC's ongoing efforts to enhance the digitalisation of Customs processes.

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