Whether it is importing machinery from Europe or exporting your goods to China, every business involves either receiving or sending a foreign currency from or to your business partner. Therefore, the custom exchange rate can have a direct impact on your business (small or large scale).
The Central Board of Indirect Taxes and Customs (CBIC)`s has issued a Press Release w.e.f from 18th December 2020 to rate of exchange. This exchange rate exposure can affect every business and the economy in both the respective ways -positively and negatively on a magnified level.
The RBI exchange rate is the value of the Indian currency to another currency. How businesses are affected by currencies can be divided into four categories i.e translational, credit, and liquidity risks. All four categories can then be subdivided into numerous subcategories to fit all kinds of businesses.
According to the recent Press Release issued by CBIC the field officers are suggested to refrain from raising unnecessary requests for the verification of preferential certificates of origin under the Customs Administration of Rulf Origin under Trade Agreements Rules or CAROTAR rules.
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